Oil Prices Surge Amid Escalating US-Iran Tensions

### Fundamental Overview Oil prices rallied on Friday as traders hedged into the weekend amid escalating tensions in the US-Iran conflict. A Washington Post report cited a US official stating that the US is planning for a wider war and increasing military aircraft in the Middle East. This military buildup mirrors actions taken in February prior to the outbreak of conflict, suggesting that short-term risks remain elevated and will likely support oil prices. Without clear signs of de-escalation, the downside potential for prices appears limited.

### Crude Oil Technical Analysis **Daily Timeframe** On the daily chart, crude oil has broken out of recent consolidation at the $78.00 support level and is approaching a significant downward trendline near $87.00. Should prices reach this level, sellers may emerge with a defined risk above the trendline, potentially pushing prices back toward the $78.00 support. Conversely, buyers are looking for a breakout above this trendline to target $97.00 next.

**4-Hour Timeframe** The 4-hour chart shows an upward trendline indicating bullish momentum. If a pullback occurs, buyers are expected to rely on this trendline, maintaining defined risk below it to push for new highs. Sellers will be watching for a break lower to extend the pullback toward the $78.00 support.

**1-Hour Timeframe** On the 1-hour chart, another minor upward trendline is evident, reinforcing bullish momentum. Buyers are likely to continue supporting this trendline to target new highs, while sellers will seek a break to extend the pullback into the next trendline.

### Upcoming Catalysts Key economic data is on the horizon, including the latest US Jobless Claims figures on Thursday and the Flash US PMIs on Friday. Market focus will remain on developments in the US-Iran situation.