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Oil prices surge on Hormuz Strait supply fears; WTI eyes $110, Brent targets $119 resistance.

Market News
23 Mar 2026
FXEmpire
View Source
Bullish
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Oil prices are rising sharply due to fears of supply disruptions in the Strait of Hormuz, which handles about 11 million barrels per day. WTI crude has reclaimed the $100 level and is targeting $110, supported by strong bullish momentum. Brent crude is pressing against resistance near $114.47, with potential to reach $119.44 if it breaks through. Natural gas prices are also volatile, poised for a breakout but currently balanced around $3.13 amid mixed signals. The energy market remains sensitive to geopolitical risks, with supply concerns driving prices higher and technical indicators suggesting further gains possible in the near term.

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