Crude oil futures settled at $92.19 up $5.36 or 6.17%

From a technical perspective, the rally pushed the price back above its 100-day moving average at $89.71 for the first time since June 12, when crude was trading near $86.56. Buyers also briefly drove prices above the 50% retracement of the decline from the March 9 high, located at $93.26, with today’s high reaching $93.50 before backing off into the close.

Going forward, the 100-day moving average at $89.71 becomes the closest support level. As long as the price remains above it, the technical bias favors further gains. However, a sustained break above the 50% retracement at $93.26 is needed to strengthen the bullish case. If buyers can establish a foothold above that level, the next upside target comes in near the June high around $97. A move through there would open the door for a retest of the psychologically important $100 level—a price last seen on May 21.

The turnaround has been dramatic. On the day before the Iran conflict escalated, WTI closed at $67.28. Earlier this month, the price briefly dipped to $67.04, just below that level, before reversing sharply higher as geopolitical tensions intensified and the technical outlook shifted decisively in favor of the bulls.

Meanwhile four consumers in the US, the average price for a gallon gas is up to $4.09. The low price was at $3.83 at the beginning of July.