A wave of headlines crossed the wires in the final minutes of trading, adding to an already tense backdrop.
On the political front, President Trump appears to be distancing himself from rising gasoline prices, instead shifting focus to Vice President Vance, who is set to meet with oil executives as the administration looks to address the surge in fuel costs and its impact on consumer sentiment and approval ratings. Gas prices have risen sharply, with the AAA national average climbing to $3.84, up nearly $1 from $2.92 just a month ago—a roughly 31% increase. Vance indicated that the administration expects to announce new measures within the next 24 to 48 hours.
Geopolitical tensions also escalated. Reports of two loud explosions in Riyadh, Saudi Arabia, were followed by confirmation from the Saudi Ministry of Defense that air defenses had engaged a ballistic threat. Authorities later stated that the immediate danger had passed.
Meanwhile, Iran’s Supreme Leader warned that retaliation would follow the killing of Larijani, signaling the potential for further escalation.
In the commodity markets, crude oil remains elevated, trading near $97 after reaching a high of $98.67. Technically, the price continues to hold above its 100-hour moving average at $95.79, keeping the short-term bias tilted to the upside. However, after briefly breaking above the $98.21 swing level, momentum stalled. The market is now back in a familiar battle zone, with traders watching the range between the 100-hour MA below and resistance near $98.21 above for the next directional cue.
