WTI Price Forecast: Fears of fresh escalation in Middle East conflicts boost prices above $100

West Texas Intermediate (WTI) futures on the NYMEX climbed to near $101.00 during European trade on Wednesday, as the US and Israel warned of potential attacks on Iran post-elections. This has raised concerns about fresh escalation in Middle East conflicts. Brent crude also rose, with strategists at Deutsche Bank noting its 1.48% increase overnight due to the US administration's warning to Gulf states about a possible operation against Iran.

Israel's Prime Minister Netanyahu also suggested renewed joint action with President Trump against Iran in his post-election speech. Tighter energy supply in the US, with a 2 million barrel decrease in crude inventories last week, contributed to the oil price strength. Yemen's Iran-aligned Houthis launched a ballistic missile towards Saudi Arabia's Ras Tanura oil refinery, adding to energy supply risks.

WTI US Oil is currently trading near $101, with a bullish near-term bias supported by the price holding above the 20-day Exponential Moving Average at $96.52. Immediate support is seen at the 20-day EMA near $96.52, while the October 23 high at $103.28 is the next hurdle before the May 18 high at $104.74.