Trump Vows to Hit Iran Hard After Overnight Ballistic Missile Strike
Brent crude jumped more than 7% to $90.45 a barrel Wednesday morning after Trump appeared on Fox News and made clear the United States intended to respond with overwhelming force. “We’ll be hitting them hard. They’re going to get a beating,” Trump said, according to the Financial Times.
The comments followed a CENTCOM announcement confirming that Iran’s Islamic Revolutionary Guard Corps had launched a barrage of ballistic missiles at American military installations in Jordan during the night, all of which were successfully shot down before reaching their targets. Trump said the window available to intercept the incoming projectiles had been measured in minutes.
USO Momentum Improves but July Still Shapes the Tape
Momentum indicators are starting to line up. MACD is above its signal line and the histogram is positive, which usually signals easing downside pressure and buyers regaining control after the prior downswing. The longer‑term backdrop still has a tailwind since the February golden cross, with the 50‑day SMA above the 200‑day SMA, continues to argue that the primary trend points higher.
The market has not forgotten July. Price broke below support that month and set a swing low, which is why traders will watch closely to see if this pop can hold without immediately mean reverting. If USO can build on strength, a push toward the May swing‑high zone keeps the higher‑highs narrative intact. If it slips back under near‑term support, Wednesday starts to look less like a breakout and more like a relief rally.
Key levels are straightforward and likely to be self‑fulfilling in the near term:
Resistance: $141.50 — a nearby pivot where upside attempts can stall before retesting the 52‑week high zone
Support: $127.00 — a nearby floor just under current levels that traders may treat as a line in the sand after the July weakness
USO Shares Are Soaring
USO Price Action: United States Oil shares were up 6.94% at $128.85 at the time of publication on Wednesday, according to Benzinga Pro.
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