Hormuz on Alert: Oil Still Holding Its Breath
Oil prices are holding steady after surging more than 3% on Thursday, as the market weighed Donald Trump's latest threats against Iran. WTI is holding around $66/barrel and Brent is still above $70, supported by a weaker dollar and a geopolitical "risk premium" that has returned to prices.
What's making things nervous: market focus is on the Strait of Hormuz—a vital route for global oil and LNG shipments. An AP report said Iran warned of live-fire drills Sunday and Monday; now traders are waiting for only one thing: is this just a "show of force"... or the trigger for another spike. (az)
The oil price at the time of this analysis is $68.30
- Buy if the price moves below $68.40
- Sell if the price moves below $68.20
Resistance 2: $68.60
Resistance 1: $68.50
Support 1: $68.10
Support 2: $68.00
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id