Crude oil prices experienced a technical rebound today, though market sentiment remains cautious. WTI rose slightly to $75.60 (+0.61%) after previously breaking above $77 before pulling back. Brent performed more strongly at $78.85 (+2.80%) without the sharp reversal seen in WTI.
The initial price increase was driven by concerns over a possible U.S. military intervention in the Israel-Iran conflict. However, prices quickly weakened after the White House stated that President Trump has not yet made a decision and is expected to determine his stance within the next two weeks.
An official statement from Trump, delivered by spokesperson Karoline Leavitt, indicated that diplomatic options remain open. Nonetheless, Trump emphasized that Iran must not obtain nuclear weapons, stating that Iran is now at its closest point yet to achieving that ambition.
On the ground, tensions continue to escalate. Israel has bombed Iranian nuclear facilities, and Iran has retaliated with drone and missile attacks.
Despite the rising tensions, the oil market seems to perceive that the threat of war is not yet imminent — as reflected in the price action: a sharp rally followed by a swift pullback. Still, markets remain on alert should Trump ultimately decide to take military action.
From a technical perspective, WTI still has the potential to rise toward the $75 level, with support seen at $71 per barrel.
