US Oil Now Tests a Pivotal Level as US-Iran Strikes Resume
US oil is up 2.62% today, creeping into that level of resistance and the bearish trendline as fresh strikes in the US-Iran war escalate.
The US struck Iranian targets near Hormuz after detecting mine preparations, and Iran hit back at US facilities in Jordan. The US says it will retaliate on any aggression, so oil stays bid.
This is very consequential for markets across the board. If oil breaks above this trendline and resistance, and you see it back in the mid-90s for an extended period, that spooks the market on higher inflation and potentially higher rates.
So I'm watching oil at this very pivotal level. If it keeps chopping downward, that is good for the risk-on story. If it breaks out higher, it gets problematic. You could see a stronger dollar, gold under pressure, and equities under pressure too.
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— Alan
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3August 31, 2026 1.7K 1
