Oil trading playbook: key levels to watch now in Oil & Companies News 04/03/2026 Crude oil prices extended their sharp rally on Tuesday, leaving up roughly 15% since Friday’s close after U.S. and Israeli strikes on Iran heightened fears of supply disruptions across the Middle East. This week’s move has been driven primarily by escalating tensions around the Strait of Hormuz following the weekend strike that killed Iran’s Supreme Leader Ayatollah Ali Khamenei and much of the country’s military leadership. Tehran has threatened a full closure of the key waterway, which handles roughly one-fifth of global seaborne oil trade. Iranian officials have warned they could target vessels attempting to transit the strait, raising risks to crude exports from major Gulf producers including Saudi Arabia, Iraq and the United Arab Emirates. ING analysts said the greater danger may lie beyond Hormuz itself. “While there are concerns about oil flows through the Strait of Hormuz, a greater risk to the market would be Iran targeting additional energy infrastructure in the region. This could lead to more prolonged outages,” the bank said. How to trade the surge in oil prices From a technical standpoint, crude prices have reached its highest level since June last year and are attempting to break above the downward channel that has contained prices since 2024. A daily close above $72.50 would confirm the breakout and open the door to further upside. The first technical target sits at $75.66, which is the 200-week moving average. A decisive move higher would bring the key horizontal resistance at $76.90 into focus, a level that has previously acted as an important support/resistance line. Beyond that, the third near-term bullish objective stands at $83.50, representing the 38.2% Fibonacci retracement of the 2022 high to 2025 low decline. On the downside, the previously broken 200-month moving average ($71.55) is expected to act as initial support on any meaningful pullback. Source: Investing.com 2026-03-04 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.parentNode.insertBefore(js, fjs); }; load('//connect.facebook.net/en/all.js#xfbml=1', 'fbjssdk'); load('https://apis.google.com/js/plusone.js', 'gplus1js'); load('//platform.twitter.com/widgets.js', 'tweetjs'); } if (w.addEventListener) { w.addEventListener("load", go, false); } else if (w.attachEvent) { w.attachEvent("onload",go); } }(window, document, 'script')); tweet Share