Brent is holding up nearly 4% higher on the day now, trading above $117 while WTI crude is up 3.5% to $114.50 at the moment.
As Russia-Ukraine tensions continue to play out, the geopolitical fallout is speeding up the relative bullishness in oil. The breakout above $100 and the charts are also siding with that momentum, even if it may look rather stretched in the past three months.
For now, the target area remains around $120 to $125 but sentiment remains the key driver right now and all eyes will be on how the Russia-Ukraine situation develops, and if there will be any more fallout towards Russian energy.
