WTI oil tops $100 per barrel as situation in Ukraine escalates

WTI oil cracked psychological $100 barrier on Thursday, as escalation of the situation in Ukraine into military conflict, sparked strong worries about the global supply and pushed the price sharply higher.
The contract was up nearly 8% in European trading and probed above $100 per barrel for the first time since 2014.
Russia is the one of top world oil producers and any disruption in supply, which so far flows steadily, would further inflate the oil prices.
The crude oil made a significant recovery after collapsing in April 2020, during the peak of coronavirus pandemic and at one point hit a zero level, despite expectations of many economists that recovery would take a long time and doubts that it will be able to recover at all.
With $100 level being dented, further advance is seen very likely, although bulls may face some headwinds here, specially that supplies are still stable, with dips to offer better buying opportunities.
Sustained break of $100 to expose targets at: 102.94 (Fibo projection), 106.06 and 107.45 (July / June 2014 highs) and 108.36 (Fibo projection).
Supports lay at: $95.79 (Feb 14 former top), 92.59 (rising 10DMA) and 91.05 (20DMA), with $90 marking a lower pivot, loss of which would sideline bulls.

Res: 100.00; 100.49; 102.49; 106.06
Sup: 95.79; 94.90; 92.59; 91.05