Due to the escalation of tensions in the Middle East and concerns about the rapid start of the Atlantic hurricane season, crude oil trading is nearing a two-month high after breaking through the recent trading range.
According to the Wisers App, crude oil trading is nearing a two-month high after breaking through the recent trading range due to the escalation of tensions in the Middle East and concerns about the rapid start of the Atlantic hurricane season.
Brent crude oil rose 1.9% on Monday, trading at nearly $87 per barrel, while WTI crude oil prices were higher than $83. The Israeli military said that 18 soldiers were injured, one of them seriously, in an attack by Hezbollah's self-driving drone, which may bring the conflict closer to a full-scale war.
At the same time, Hurricane Beryl landed on the Caribbean island of Caricou with the intensity of a Category 4 storm, causing concern that this year's severe hurricane system at the beginning of the year may indicate a severe hurricane season, which is still several months away from the typical peak of the hurricane season.
Crude oil is consolidating last month's gains as OPEC+ controls supply and tourism activities in the Northern Hemisphere summer increase. Traders may closely monitor gasoline demand around the US Independence Day holiday on Thursday. Concerns about the difficult economic recovery in China, the world's largest crude oil importer, may limit the rise in oil prices.
The increase in crude oil futures trading has increased implied volatility, with implied volatility of Brent crude oil futures approaching the highest level in a month. Fund managers have heavily weighted oil and refined oil products, including diesel, and the intraday chart remains bullish with a spot premium structure.