A momentum indicator for a crude futures chart has soared to its highest level in 36 years, but as the Wall Street saying goes, overbought doesn’t mean over.

Crude oil is sitting at $116 per barrel right now, and for the energy sector, that number carries significant weight. The last time Brent crude touched this level was March 2022, when it hit $117.25 in the wake of the Russia-Ukraine invasion.

U.S. crude oil recorded its biggest weekly gain on record, dating back to the inception of the West Texas Intermediate oil contract in March 1983, as the escalating Iran war threatens global energy supplies.

The US crude oil benchmark West Texas Intermediate (WTI) rose more than 36.5% during early Asian trading hours on Monday and was trading at around $108 per barrel at 07.30 Singapore time (23.30 Sunday GMT).

Brent crude reached its highest price since Russia invaded Ukraine in 2022. Gasoline prices in the U.S. are expected to continue to rise.

2-Year U.S. Treasury Note Continuous Contract $104.156-0.090-0.09% 5-Year U.S. Treasury Note Continuous Contract $108.961-0.227-0.21% 10-Year U.S. Treasury Note Continuous Contract $112.078-0.359-0.32% 30-Year U.S. Treasury Bond Continuous Contract $115. ...

Crude oil surged to a multi-year high above key resistance, reclaiming the 200-week average and triggering bullish patterns, signaling potential continuation of the long-term upward trend.

US-Iran war: Crude oil prices surpassed $100 a barrel for the first time since 2022. Meanwhile, safe haven assets gold and silver rates today crashed up to 3% on Monday, March 9, amid escalating tensions in the Middle East.