A momentum indicator for a crude futures chart has soared to its highest level in 36 years, but as the Wall Street saying goes, overbought doesn’t mean over.

On 6 March, crude oil prices jumped significantly following Trump's demands for Iran's unconditional surrender. Brent crude reached $91.84, while WTI hit $89.62. The ongoing US-Iran conflict is causing market instability and fears of rising consumer prices due to increased oil costs.

Crude prices in Europe — which initially showed a muted reaction to the war in the Middle East — are now surging as aggressive buying by Asian refiners tightens the global market.

Prices for heavy crude produced in the Americas surged to multi-year highs on Wednesday, as the U.-Israeli attacks on Iran stymied exports of similar oil produced in the Middle East.

The ProShares Ultra Bloomberg Crude Oil ETF (NYSEARCA:UCO) is built for one specific purpose: to deliver twice the daily return of WTI crude oil. That precision cuts both ways. Every dollar oil moves,

Crude oil inventories rose by 16 million barrels, posting their biggest weekly increase in three years as imports rose, exports fell and refineries cut their capacity use.

China will build more projects to expand its oil reserves, according to the authorities, who did not provide figures or details about the expected jump in crude reserve buildups and capacities.

Lower crude prices usually mean lower gas prices — but pressures on refineries, including drone attacks on Russian refineries, mean that consumers might not see as much benefit. The world’s crude oil market continues to move into glut territory.

By Georgina McCartney HOUSTON, March 3 (Reuters) - Investors rushed to lock in a spike in oil prices this week, resulting in a record volume of energy futures and options contracts changing hands on Monday,

Shrinking floating storage and narrowing Urals discounts suggest Moscow may exploit the disruption to tighten supply and drive prices higher by playing Chinese and Indian demand against each other.

Crude oil futures surge above $86 as Middle East war threatens OPEC supply and Strait of Hormuz traffic, pushing bullish oil outlook toward $95 and $100 targets.