Brent Retraces from Surge, Market Tests Signals on US–Iran Talks
Brent oil prices hovered around $95 per barrel on Wednesday, attempting to stabilize after falling 4.6% in the previous session. This correction occurred as the market began to reduce its "war premium" amid hopes that US–Iran talks could resume this week, even though Middle Eastern supply has not fully recovered.
From a fundamental perspective, the decline in the risk premium was restrained by conditions on the ground: the Strait of Hormuz remains largely shut and the US has imposed a blockade on shipping out of Iranian ports. Washington is also said to have not extended a number of sanctions waivers related to Iranian and Russian oil, potentially adding to supply uncertainty. The market is also awaiting US oil inventory data (EIA) after market sources reported that US oil stocks rose again according to API figures, keeping Brent's movements volatile despite improving diplomatic sentiment.(gn)
The oil price at the time of this analysis was released was at: $96.24
- Buy if the price moves below $96.62
- Sell if the price moves below $95.57
Resistance 2: $98.05
Resistance 1: $97.00
Support 1: $94.90
Support 2: $93.85
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
