Oil prices are soaring because of global risks, and XTI is almost at a key resistance level.

WTI crude futures shot up, gaining about 7.6% to reach almost $98 during Monday's Asian trading. This jump happened after US President Donald Trump suggested a possible naval blockade in the Strait of Hormuz. That strait is a crucial shipping route for a large chunk of the world's oil. Naturally, this made people worry more about oil supplies getting cut off.

Things got worse after talks between Iran and US Vice President JD Vance didn't go anywhere; they failed because Iran wouldn't reduce its nuclear program. This lack of agreement only made the global political situation more uncertain, which in turn pushed oil prices up.

To make matters even tougher, Trump told US naval forces to keep an eye on and possibly stop any ships in international waters that had paid Iran for passage. He made it clear that those ships wouldn't be guaranteed safe travel, which just amplified worries about increasing dangers in important shipping routes.

The US Central Command confirmed that these actions, aimed at maritime traffic connected to Iranian ports, would kick off Monday at 2 PM GMT, showing a major move to put these rules into effect.

Meanwhile, Saudi Arabia has fully restarted its East-West pipeline, which means it can now send up to 7 million barrels of oil daily towards the Red Sea. This offers another way to export oil, helping to slightly reduce worries about supply.

Looking at the technical charts, XTI/USDT, specifically on the 4-hour timeframe, is trying to bounce back. This comes after a sharp drop from the $115–$118 range, a move that broke its previous upward trend and pushed the market into a holding pattern.

Right now, the price is trading between $92 and $100. The area from $100 to $103 looks like a major resistance point, while $92 to $94 is still acting as solid support.

If the price manages to stay above $100–$103, it might climb towards $106–$110. But if it gets turned away at that resistance, the price could drop back to the $94–$92 support. A fall below $92 would then likely expose even lower levels, possibly down to $85.

All things considered, even though the bigger trend still looks shaky, the market's short-term movement seems to be getting better. What happens around that $100–$103 resistance level will probably decide where the price goes next.

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