Brent Rises, Saudi Arabia and Hormuz Disruptions Rekindle Risk Premium
Brent oil prices rose on Friday (April 10), driven by renewed supply concerns after Saudi Arabia reported attacks on energy facilities that cut production capacity, while tanker traffic in the Strait of Hormuz remained congested. Brent rose 96 cents (1%) to $96.88 per barrel at 06:04 GMT, though still headed for a weekly decline of around 11% after a sharp correction following the announcement of a US-Iran ceasefire.
Key support came from the supply side: Saudi state news agency reported that production capacity had fallen by around 600,000 barrels per day and East-West pipeline throughput had decreased by around 700,000 bpd, disrupting alternative export routes while Hormuz continues to recover. At the same time, shipping data showed that ship traffic in Hormuz remained well below normal, keeping the market sensitive to the risk of further disruptions and encouraging market participants to restore some of the geopolitical premium to prices. (gn)
The oil price at the time of this analysis was released was at: $98.01
- Buy if the price moves below $98.29
- Sell if the price moves below $97.49
Resistance 2: $99.37
Resistance 1: $98.57
Support 1: $96.97
Support 2: $96.17
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
