The crude price has jumped 4% in 5 days, despite OPEC output increases and Saudi Arabia upping their benchmark price to Asia. Middle Eastern tensions are growing once again.

The oil price continues to find upward momentum, despite OPEC raising its crude production and Saudi Arabia raising its benchmark price for Asian buyers more than expected (theorizing that the market can absorb larger 'peacetime' prices).  However, the price jump of 4% over 5 days, is due to Middle Eastern tensions, with Iran continuing with its Nuclear Program and possible rearming after Israel/U.S. failed attempt at regime change and trying to halt Iran's plutonium enrichment, sans Israel killing a lot of Iranian citizens.  Yemen's Houthis, who have been under bombardment from both the U.S. and Israel, have launched renewed attacks on Red Sea shipping, reportable sinking a Greek owned, Liberian flagged freighter the "Magic Seas".  No crew members were killed or injured.

This may prompt President Trump to bomb Yemen Houthi rebels once again, and may also indicate that Israel/U.S. could attack Iran again at some point in 2025.

Can the market absorb 'wartime' oil prices?  Probably not.

Oil is bid over 67, price support at 65, resistance at 70

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