Oil Weakens as Iranian Diplomacy Takes Center Stage

Oil prices have softened as the prospect of peace talks between the U.S. and Iran eases concerns regarding potential supply disruptions in the Middle East. Nevertheless, Houthi attacks and ongoing conflict-related tensions continue to sustain geopolitical risk.

Meanwhile, the potential for increased production from Russia is adding downward pressure, though a decline in U.S. crude oil inventories provides some support. The market is currently focused on diplomatic developments and global supply risks. (srh)

Brent Oil price at the time of this analysis: $114.08

- Buy if the price moves to $114.27

- Sell if the price moves to $113.81

Resistance 2: $115.02

Resistance 1: $114.56

Support 1: $113.64

Support 2: $113.18

Note: This article is analytical in nature and does not constitute definitive advice. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.

Source: Newsmaker.id