https://www.instagram.com/vanessaclarkipaiThis is your Crude Oil podcast.Hey everyone, welcome back to Daily Crude Oil Price Tracker. I'm Vanessa Clark, and thanks so much for tuning in. Today we're diving into what's happening in the oil markets and why prices are at levels we haven't seen in years.As of yesterday morning, Brent crude oil was trading at 113 dollars and 40 cents per barrel. That's up more than two dollars from the day before and nearly 48 dollars higher than where we were a year ago. West Texas Intermediate, or WTI, is even higher, approaching 116 dollars per barrel, marking its highest level in about a month.So what's driving these prices? The big story is the ongoing geopolitical tensions in the Middle East, particularly around the Strait of Hormuz. A military conflict that started back in February has essentially closed off one of the world's most critical shipping routes. Major oil producers like Saudi Arabia, Iraq, and the UAE have had to shut down production, and that supply disruption is a major factor pushing prices up.Here's something really interesting though. The market is showing signs of extreme tension. The technical indicator RSI is sitting at 86.67, which is overbought territory and actually exceeds levels we saw back in 2022. Current prices are trading at a premium of over 45 percent above long-term moving averages, which is a huge deviation from normal.But there's also some hope on the horizon. There are ongoing talks about potentially de-escalating the conflict and reopening the Strait of Hormuz. OPEC Plus just agreed to increase production by 206,000 barrels per day in May, but that's contingent on the strait actually reopening. Saudi Aramco has also set record premiums for oil heading to Asia, reflecting the tight supply situation.Looking ahead, the Energy Information Administration expects Brent prices to average 96 dollars per barrel for the full year 2026. That's notably lower than where we're trading right now, suggesting the market is pricing in some eventual resolution to the current crisis.Keep watching this space as the situation develops. Thanks for listening to Daily Crude Oil Price Tracker, and don't forget to subscribe and tune in next time for more updates on what's moving the markets.For more http://www.quietplease.aiCheck out Vanessa on Instagram https://www.instagram.com/vanessaclarkipaiFor some deals, check out https://amzn.to/4hSgB4rThis content was created in partnership and with the help of Artificial Intelligence AI

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