FX.co ★ CL/Crude Oil

Hello traders, the price of oil #CL has easily surpassed $110 per barrel. In my previous forecast, I mentioned that this round level would be the next target, and currently, there are no reasons to expect a sell-off of the asset. The Middle Eastern crisis remains unresolved, and with Trump adding fuel to the fire today, it's not surprising that the oil price is actively rising. Several hundred tankers are blocked in the Strait of Hormuz, maintaining a supply shortage. If a ground operation were to start, the price could easily soar above $120 per barrel. Therefore, current prices may seem like a bargain.