• The U.S. and Iran resumed hostilities yesterday. The Americans carried out new attacks on Iranian targets, to which Iran responded with missile and drone strikes. Trump continues to threaten even harsher strikes, while Tehran has announced retaliation.

• The geopolitical catalyst, combined with technical analysis, indicates that $CRUD (-0.02%) there is potential for a $100 move. Added to this are the CTAs, which hold a net long position of 70% of the 1-year high (104,573 net long contracts). Due to the technical breakout, short CTAs must cover their positions, thereby pushing the price even higher.

The price target for $CRUD (-0.02%) is $100.