Oil prices remain elevated as tight inventories, rising Treasury yields, and Middle East risks drive bullish crude oil analysis.
July WTI crude oil futures briefly pierced $103.78 Monday and pulled back. Spot Brent crude oil is holding near $110. The Strait of Hormuz is still effectively closed, Saudi Arabia, Iraq, and the United Arab Emirates are all sitting on crude they cannot move safely, and global inventories are draining at rates this market has not seen outside a major crisis. Keep reading for what the charts are saying and what is actually driving this market.