Oil prices are approaching the $110 mark, analysts warn that after a breakthrough, they may rush to $150

On October 12, Brent crude oil rose more than 2.4% in Monday trading, reaching an intraday high of US$107.25/barrel. The increase was mainly driven by escalating geopolitical risks, including another Russian attack on energy facilities in Ukraine and attacks on merchant ships near Oman and around the Strait of Hormuz, which have exacerbated market concerns about blocked oil shipments. Technical analyst The Great Martis has previously pointed out that the daily chart of Brent crude oil shows a bullish upside down pattern. If it continues to break through the key resistance level of US$110/barrel, it may rise further to US$150/barrel in the future. When the analysis was originally released, the oil price was approximately US$102/barrel. As oil prices climbed, markets began to worry about a rebound in inflation. The United States will release September CPI data on Wednesday, and the overall year-on-year increase is expected to rise from 3.4% to 3.7%. Higher energy prices could push up overall inflation and keep interest rates high, putting pressure on risky assets. Affected by rising oil prices and rising inflation expectations, Bitcoin fell to about US$82,528 on Monday, a drop of 1.4% within the day; spot gold reported US$4,165.32/ounce, down 0.71%; silver prices fell back to US$60.42/ounce, down about 0.86%.