West Texas Intermediate (WTI) crude is attracting buyers' interest on Thursday.

Rising tensions in the Middle East keep a high geopolitical risk premium in place, which is a key driver of higher oil prices. A few days ago, the Pentagon instructed US Central Command (CENTCOM) to finish preparations for a potential resumption of large-scale military operations against Iran, as US President Donald Trump is reportedly considering missile strikes. Sources in the US and Israel say these actions could take place before the US midterm elections and possibly just a week before Israel's elections.

At the same time, Iran has stepped up attacks on tankers in the Strait of Hormuz. The escalation between Iran-backed Houthi forces in Yemen and Saudi Arabia also provides substantial support to oil prices. Another bullish factor is an approaching storm near the US Gulf Coast that threatens key production and refining infrastructure. However, easing fears of supply disruptions are holding bulls back from decisive buying and limiting the upside potential for oil.

Technically, prices are facing resistance at the 14-day EMA. Oscillators are mixed, and bulls lack strength. Nevertheless, sentiment is tilted toward further gains. The next hurdle is the round level at 92.00. If that is overcome, bulls should reach the 20-day SMA and then gain control of the market. Support is provided by the 50-day SMA; if that fails to hold, prices will test the 87.00 round level. Below that, the 100-day SMA will act as support.