Oil continues to climb, WTI over $71 on Iran concerns

• Crude lifting on Middle East concerns once again.
• US withdrawal from Iran accord raises market concerns about oil supply stability going forward.

Crude oil continues to lift on Middle East concerns, and WTI is currently testing into 71.25 per barrel.

WTI is close to reaching 73.00, a key level that hasn't been hit in over three years, and oil prices are currently being dragged up the charts by the US pulling out of the Iran accord, an agreement between Iran and multiple countries that lifts heavy penalties and sanctions on Iran in exchange for them shutting down their nuclear development efforts. US President Trump decided that the current Iran accord isn't good enough, and withdrew the US from the deal, and the US is set to re-impose stiff sanctions on Iran, and will be trying to convince allies the shut Iran out of the global oil market in a bid to force Iran to the negotiating table to make a 'better deal'.

WTI levels to watch

Crude oil prices continue to stretch higher without a deep correction to designate a significant low, and as FXStreet's Ross Burland pointed out earlier, resistance and supply points are currently balancing out, "bears can target $69.23 (10-day sma) ahead of  $68.47 (21-day sma) and before $66.86 (low May 1). On the upside, $71.86 (2018 high May 10) comes before $72.00 (psychological level)."