Oil Prices Slump as Israel-Iran Tensions Drop: Bears Eye $71

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Israel's targeted strike, which avoided Iran's energy facilities, is driving crude oil prices sharply lower. After closing Friday at $75 per barrel, prices opened today at $72.61 and quickly dropped to a low of $71. This has created a notable gap between today’s high and Friday’s close, which could be filled if prices rebound temporarily before resuming a potential downward trend.The recent price action has also breached a significant triangle pattern, suggesting a strong downside move.

The trend will remain bearish below $74.32, with sellers targeting $71 and potentially $69.89 per barrel.

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