As soon as investors realized that Aramco would take weeks before it could restore oil production after the drone attack, the price of the barrel started to rally, with WTI jumping to $63.4, before consolidating just above $62. Any further element with potential to add to the tensions could push the price higher, as traders are still fearing a shortage in global supply.
From a technical point of view, a break above $63.3 could open space for further rallies, in a scenario that remains bullish for oil, even if news, rather than fundamentals, are now dominating this market.
