2026-03-05 15:56:00
Reports emerged that an oil facility in Bahrain’s Al-Ma’amir area was attacked, adding another layer of geopolitical risk to energy markets. Recently, crude oil prices showed some disconnect with the headlines. The market was less concerned thinking that damage would be minimal.
However, as trading progressed – and more reports about disruptions surfaced – the market shifted back to the familiar pattern where negative geopolitical news tends to push oil prices higher. That shift helped lift crude back above an important technical level, reinforcing the bullish bias in the near term.
Oil price climbs above the $78 level
The price of crude oil has moved above $78, currently trading near $78.72, after reaching a session high of $78.98. The move higher reflects renewed buying interest as traders react to geopolitical developments and reassess potential supply risks. Holding above the $78 level keeps buyers in control in the short term.
Technical picture: Buyers regain momentum
Looking at the hourly chart, the price earlier in the session moved up to test Tuesday’s high near $78. The market briefly pushed to a new high around $78.09, but the rally stalled and prices rotated lower.
The decline found support at an upward-sloping trendline on the hourly chart, where buyers stepped back in. Since that bounce, prices have steadily pushed higher over the last several hours, breaking above earlier highs and extending the rally toward the $79 level.
Key level to watch for traders
For now, the $78 level remains the key barometer for the near-term bias.
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Above $78: Buyers remain firmly in control and momentum can continue toward the $79 area and beyond.
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Below $78: A move back under that level could signal disappointment from the failed breakout and invite renewed selling pressure.
As long as the market holds above $78, the price action continues to favor the bulls.
