Oil is continuing to show much resilience over the past few weeks as dip buyers continue to keep prices elevated for the most part. Sure, we're not exactly chasing down fresh highs since the spike in early March but there is a sense of stubbornness in keeping above $100 for the time being.
The latest sanctions proposed by the EU here says that they will look to phase out Russian oil within the next six month, although the details don't provide much clarity.
In any case, that just adds to further supply constraints as it remains to be seen how exactly the EU will be looking to source for alternatives (surely they will be more expensive as well) especially for countries which are more heavily reliant on Russian energy. *coughs in Germany*
Going back to the oil chart above, there is a resistance region on the daily chart closer to $108 that may help to cap any further upside leg for now. The Fed will also be a focus as it will impact dollar and risk sentiment, so just be wary of that.
