In geopolitical news, Fox news is reporting that Iran could attack Israel in less than 24 hours.
The attack is in retaliation for the killing of Hamas political leader Ismail Haniyeh in Tehran late last month.
As Western allies in France, Germany and the United Kingdom call on Israel and Hamas to show "no further delay" in getting back to the negotiating table to hammer out a cease-fire and hostage release deal, Lebanon is bracing for a wider war and the Islamic State is plotting its re-emergence.
Crude oil is a trading up $1.45 or 1.89% at $78.29. The broader US stock market is trading higher with the S&P up 0.4% and the NASDAQ up 0.79%. The Dow Industrial Average is down -0.09%
Looking at the crude oil daily chart, the price is now back above the 200-day MA at $78.09. Staying above would give buyers more confidence. The price is still below its higher 100-day MA at $80.15 and represents the next upside target.
