Oil Prices Surge on Middle East Tensions and Supply Concerns

Brent, WTI crude oil prices surge on threat of broader Israel-Iran conflict and potential new sanctions on Iranian oil.

Brent crude breaches $90 a barrel, heads towards $100 on supply concerns. WTI above $86, eyeing $93 swing high.

Blockage of Strait of Hormuz, which accounts for 20% of global oil supply, would strain stocks and send prices higher.

Despite large EIA crude storage build, oil prices continue to climb on geopolitical tensions.

Technical outlook Upside targets for Brent at $91 and $95. WTI resistance at $88 and $93, support at $83.