WTI Crude Surges 9.42% to $78.14 on Geopolitical Escalation

Crude oil posted its largest one-day gain since April 29, settling at $78.14 after spiking on renewed Middle East tensions and supply disruption fears around the Strait of Hormuz. The move broke above the 200-day moving average near $74.21 after weeks of consolidation between $68.55 and $73.04. Earlier in the period, prices defended support near $68.55-$70 before repeated geopolitical headlines triggered sharp but short-lived rallies that failed to break the 200-day EMA ceiling near $74. Despite the surge, analysts continue to frame the market as locked in a summer trading range with resistance at $78.45-$78.48.