Oil prices remain volatile amid US-Iran tensions and fuel shortage risks near Strait of Hormuz.

Oil prices are volatile due to escalating US-Iran tensions around the Strait of Hormuz, a key oil shipping route. Recent attacks and threats have raised fears of supply disruptions, pushing Brent and WTI crude prices near critical resistance levels of $120. Tight refined product inventories and falling fuel buffers increase the risk of shortages in regions like South Africa, India, and Taiwan. Technical analysis suggests a breakout above $120 could trigger a strong rally, potentially driving prices toward $150 if geopolitical risks persist. Any ceasefire or reopening of shipping routes may stabilize prices around $100 but won't immediately ease supply concerns.