US Stockpiles Rise as Hormuz Attacks Push Oil Toward $100

News of attacks on the Strait of Hormuz could increase supply risk and lend support to oil prices. On the technical indicators, the RSI at 57.7 is in bullish territory, and the MACD is above its signal line, presenting a positive outlook. The price being above the SMA20 and SMA50 indicates a strong short-term trend. However, rising US inventories point to weak demand, which could cap the upside. Therefore, while the bias is upward, strong momentum should not be expected, and the $90 resistance level should be closely monitored.

News of attacks on the Strait of Hormuz could increase supply risks and support oil prices. Technically, the RSI is around 55 and the price is above the SMA20, indicating positive short-term momentum. The MACD is in negative territory but approaching the signal line, suggesting potential for an upward crossover. Rising US inventories may pressure prices, but geopolitical risks could overshadow this effect. Overall, an upward movement is expected in the short term, with the $83-84 resistance zone potentially being tested.

As Hormuz attacks drive oil prices higher, Exxon Mobil (XOM) is expected to benefit in the short term due to its position in the energy sector. Although the RSI at 62.5 approaches overbought territory, the MACD remains above its signal line and positive, indicating sustained upward momentum. The price is trading above both the SMA20 and SMA50, supporting a strong trend. However, rising U.S. inventories could cap oil price gains, warranting caution. While the likelihood of continued upward movement in the short term is high, the overbought signals suggest a risk of correction.

Attacks in the Strait of Hormuz could push oil prices higher, positively impacting the energy sector and supporting CVX shares. Technical indicators point to a strong uptrend; although the RSI at 82 is in overbought territory, momentum may persist. The MACD is above its signal line and positive, indicating sustained short-term buying pressure. However, rising U.S. inventories could ease supply concerns and limit gains. Therefore, an upward move is possible in the short term, but caution is warranted given overbought conditions.