Market Strategist Ben Graham Posted 1 hour ago Market Strategist Report Share Posted 1 hour ago Oil shoots higher as anxiety mounts again ahead of weekend and month-end risksThe commodity is at the center of the action with US sending warnings to staff and citizens in the Middle EastExploring an in-depth Technical Analysis of the commodity Geopolitics is playing tricks on traders, and this story is as old as it gets.It has now been about two entire months since the Middle East risk has been playing with Market sentiment. While the cause is no joke, with many thousands of casualties among Iranian protesters (+30,000 from the latest official numbers in late January, the actual toll might be higher), Oil has certainly been playing tricks.Just yesterday, WTI fell to $63.50 a barrel; Prices are now looking quite different.Overnight, US embassies have called on their non-essential staff to leave the premises in Israel and Iraq, sending new waves of Market panic regarding a potential attack over the weekend.Polymarket odds for an intervention this weekend are still low but tilting higher after the warning. True odds are still quite unpredictable. Odds for a US strike in Iran by Monday – Source: Polymarket. February 27, 2026 After optimistic headlines regarding a deal, with US-Iran discussions to be continued on Monday in Vienna, the tension still remains quite high.Risk-off flows have taken on Market flows, Oil spiked to $68 but is now slightly reversing its course, hanging tightly around $67. There will be an OPEC+ Meeting on Sunday, so that could also be another factor for volatility, prompting caution among Oil traders.As the situation has little odds to get more clear ahead of the weekend and month-end close, let's dive into a multi-timeframe analysis of WTI (US) Oil to determine levels of interest and put the odds in the trader's favor to capitalize on the issue. Read More:US PPI hotter than expected and risk-off flows – Market reactionsWeekly Gold (XAU/USD) Forecast: US-Iran standoff trumps US PPI, setting stage for $5300/ozMarkets Today: FTSE 100 prints fresh highs as STOXX 600 nears record streak. US PPI data and US/Iran risk in focusUS Oil Multi-Timeframe AnalysisWTI Daily Chart WTI Oil Daily Chart – February 27, 2026. Source: TradingView WTI is following its Daily Tensions ascending Channel with solidity.The immediate Daily candle is looking bullish but very uncertain – Nevertheless, as long as prices remain above the $65 - $66 Pivot after session closes, the immediate momentum goes toward the bulls. The indicator to watch is the 20-Day moving average ($64.61) which acted as key support throughout the entire trend. Pullback traders could also leave bids at the 200-Day MA ($62.96) which coincides with the bottom of the ascending channel, if prices get there anytime before a potential spike.WTI 4H Chart and Technical Levels WTI Oil 4H Chart – February 27, 2026. Source: TradingView Those who placed bids at the intraday support ($63.80 to $64) got welcomed by a sweet wick before the daily rebound.The spike to just below $68 did fade back and the action is now consolidating around $67, a level still hinting at stressed Market participants ahead of the weekend.WTI Technical Levels:Resistance LevelsMorning highs $67.93September 2025 Major resistance $67.50 to $68Psychological Resistance $70$78.43 12-Day War highsSupport Levels$66.50 End-January spike (recent retest and mid-channel level)War flows Pivot $65.00 to $66.001H 50 and 200-Period MA $63.80 – $64War Premium Support $62.00 to $63.40 (200-Day MA)4H 200-period MA $61.65May Range lows support $59 to $60.5 Major supportIran Support area $58.50 to $591H Chart and action levels WTI Oil 1H Chart – February 27, 2026. Source: TradingView Oil is spiking in recent action and the current 1H doji candle is proving how confused Participants are ahead of the weekend action.Some levels to keep your eyes on for upcoming trading:Breaking $68 on high volume points to confirming military action in the Middle East$65 acting as support implies that tension remains elevated – This could be a decent spot for entries on Monday (wait for the Market open to see what happens)If nothing happens, look for a retest of the key war-premium support zone $62.00 to $63.40Safe Trades and an enjoyable weekend!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. 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