Crude oil price increased 2.9%
October 8, 2026
NEWS: Crude oil price increased 2.9% after reports that the Trump administration had instructed the Pentagon to develop strike options against Iran that could be carried out before the midterm elections.
Possible Scenarios:
If Crude oil fails to breach through R1 of 91.691, our Analysis Department expects Crude oil to undergo a short- term downward correction.
If Crude oil manages to break above its R1 of 91.691, our Analysis Department expects Crude oil to extend its gains to its R2 of 92.821.
Support and Resistance Levels:
|
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
|
86.419 |
87.549 |
88.679 |
90.185 |
91.691 |
92.821 |
93.951 |
Potential Profit or Potential Loss Calculations:
|
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
|
(+/-) $100 |
(+/-) €89.34 |
(+/-) £75.76 |
|||
*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.11936
***GBP/USD = 1.31995
Calculations for exchange rate used as of Thursday, October 8, 2026, 8:41: AM