Crude Oil Tests Technical Strength As Iran-Israel Risks Loom: SEBI RA Flags Resistance Levels

The analyst said that crude oil futures show a bullish setup above ₹6,430, with resistance near ₹6,800.
A methanol plant and oil wells on Kharg Island in the Persian Gulf, off the coast of Iran
A methanol plant and oil wells on Kharg Island in the Persian Gulf, off the coast of Iran. (Photo by Kaveh Kazemi/Getty Images)
Profile Image
Deepti Sri·Stocktwits
Updated Jul 02, 2025 | 8:31 PM GMT-04
Share this article

Crude oil futures are showing strength on the longer-term chart after crossing the 61.8% Fibonacci retracement of the previous swing, with the current market price at ₹6,430, according to SEBI-registered analyst Financial Sarthis.

While the breakout indicates bullish momentum, key technical hurdles lie ahead. 

They noted that the next key resistance lies between ₹6,718 and ₹6,800, where an upside trendline, horizontal resistance, and Fibonacci levels converge. 

On the downside, support levels are seen at ₹6,335 (swing support) and ₹6,390 (Fibonacci retracement).

The technical view comes as global crude benchmarks edged lower on Wednesday.

Brent crude declined by 0.5% to reach $76.10 per barrel, while WTI dropped 0.3% to $74.61 as traders evaluated potential supply risks from the Iran-Israel conflict. 

Traders also assessed the economic implications of the upcoming Federal Reserve rate decision on oil demand.

Iran, the world’s third-largest oil exporter, with 3.3 million barrels per day, is in the spotlight. 

OPEC+’s spare capacity could fill in if there are disruptions, but geopolitical risks are rising. 

U.S. President Donald Trump called on Iran on Tuesday to “surrender,” and Israel has reported a shortage of interceptors, according to a report by the Wall Street Journal.

Subscribe to The Daily Rip
All Newsletters
Get the daily email that keeps you tuned in and makes markets fun again.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read about our editorial guidelines and ethics policy