Oil prices have climbed in recent sessions as tensions with Iran escalate, with President Trump considering a limited strike to pressure Iran into a nuclear deal. Marketgauge.com chief strategist Michele Schneider told Yahoo Finance that $66 represents a pivotal level for WTI crude, with $75-76 emerging as a potential target if prices break through resistance.

Schneider noted that oil was already showing strength before the latest Iran headlines, suggesting underlying market fundamentals beyond geopolitical concerns. She pointed to inventory data that contradicts surplus narratives, with actual draws rather than gains being observed. The $66 level serves as critical support, while a break above $69 would target the June 2025 high.

With inflation already a concern, rising oil prices add another layer of pressure to the commodity markets. Schneider's analysis suggests that even without escalation in Iran, oil could continue its upward trajectory based on supply-demand dynamics. The $0.12% gain in crude futures reflects growing market anxiety about potential supply disruptions, making oil a key inflation indicator to watch in coming weeks.