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Crude oil prices showed a profit booking after a massive rally of more than $10 due to the escalation of Middle East tension. It hit an intraday high of $77.57 and currently trading around $72.91.
"Operation Rising Lion" was launched by Israel on June 13, 2025, as a massive military operation against Iran, which aimed at bombing nuclear facilities and damaging military infrastructure. It reportedly resulted in the deaths of several senior Iranian leaders, including the IRGC commander and Chief of Staff of the Armed Forces.
Price Resistance and Support Levels
The near-term resistance is around $73.52; any breach above this level could push prices higher to $74.30/$75/$76.07/$78. On the downside, immediate support is at $70.70 violation below targets of $68.60/$66.65/$65.
It is good to buy on dips around $71 with a stop-loss around $68.80 and a target price of $77.70/$80.
