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Oil prices stay high amid Middle East tensions and supply risks, signaling potential big moves ahead.

Technical Signals
12 May 2026
FXEmpire
View Source
Bullish
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Oil prices remain elevated due to ongoing U.S.-Iran ceasefire uncertainties and risks around the Strait of Hormuz, a critical oil transit route. Brent crude holds above $100, supported by tight supply and geopolitical risks, while WTI is volatile between $80 and $120, with technical patterns suggesting a possible breakout. Continued disruptions or military escalation could push Brent towards $115 or higher, while any peace progress might ease prices. The market remains sensitive to developments in the Middle East and supply constraints, keeping oil prices volatile and potentially bullish in the near term.

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