Weekly Oil Report: Crude Prices Climbed Due to Geopolitical Risks

June ended with 3 bullish weeks for crude oil since geopolitical tensions grew constantly. Watch crude oil technical analysis:

Brent closed June at $84.86 and WTI closed at $81.44. Price is trying to hit the top blue resistance for the third time on weekly and daily timeframes. Conflicts in the Middle East have been so hot lately that put weak US economic reports in a shadow. Concerning financial data for July can drag down prices at the end of the week. 

Rising geopolitical tensions around Israel and Lebonan are making the first steps toward an all-out war. Late on Thursday, preparations happened to evacuate American citizens from Lebanon. If Israel redirects its military focus to Lebanon, Iran will probably get involved.

At the moment, Iran also needs to have a runoff election since no candidates scored the majority. The reformist candidate Masoud Pezeshkian and hardline candidate, Saeed Jalili will compete on Friday. One should secure more than 50% of the votes. The next government can have a huge effect on the regional tensions. 

The US presidential debates started last week and the outcome caused more people to believe in the victory of Trump. Voters said that they were worried about Biden after debate. Victory of the Republicans will have particular effects on the Middle East as well. 

Bitumen markets were also bullish following crude oil. Prices increased in East Asia, Africa, and Europe. India will probably keep rates stable but in Iran, prices are under rising pressure due to increasing local costs. 

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