Brent Explodes, Hormuz Burns!
Oil surged after Trump threatened the US would hit Iran "very hard" in 2-3 weeks, dashing hopes of a swift de-escalation. Brent briefly rose 6.9% to reach US$108 as the Strait of Hormuz remained effectively closed, widening the supply risk premium again.
Markets responded to the risk-off sentiment: stocks and bonds fell, the dollar strengthened, while gold and crypto corrected. For oil, monitoring the status of Hormuz and US escalation signals remains key, as the unclear timeline increases upside price risk and the risk of demand destruction if high levels persist.
The oil price at the time of this analysis was released was at: $105.23
- Buy if the price moves below $105.90
- Sell if the price moves below $104.44
Resistance 2: $108.15
Resistance 1: $106.69
Support 1: $103.77
Support 2: $102.31
Note:
This article is analytical in nature and is not a definitive reference. Please consider the influence of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id