I noticed that West Texas Intermediate crude oil is attracting some buyers in Asian trading these days, and the price is moving around the $71-72 range. What really supports it is the tense situation in the Middle East - between military strikes and Iranian responses, the atmosphere is very charged. Additionally, Iranian forces announced a halt to shipments through the Strait of Hormuz, which means real concerns about global oil supplies since more than a fifth of the world's oil passes through this passage.

But not everything is positive for the price. First, OPEC+ decided to increase production by about 206,000 barrels per day, which limits the rise. Second, the US dollar is very strong right now - meaning oil prices in dollars become more expensive for other buyers, reducing demand. The Federal Reserve seems unlikely to cut interest rates quickly, and investors are fleeing to safe havens.

Summary: The price is hanging between support from geopolitical tensions and pressure from a strong dollar and increased production. Until we see real steps that change the equation.