Oil surged in the hours following the news yesterday:Hamas leader Ismail Haniyeh was killed in TehranHamas says that the assassination of Ismail Haniyeh is a dangerous escalationEyes are on the Middle East in the wake of this news, and oil gained ground. Separately, a report from Bank of America says:“Oil prices have been trading in a narrowing range, or a triangle pattern, for over a year now,” “When it becomes too tight and what’s holding it lets go, a sharp and sudden breakout trend occurs,”“This becomes increasingly likely after five or more swings within the triangle occur. Our weekly chart of Brent oil prices labels five swings ... Another tendency is for price to break out from the tr
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