Oil Gains, Hormuz Remains Locked
Oil prices held high after a two-day rally, despite US President Donald Trump extending a ceasefire with Iran. Brent traded below $99 per barrel after rising nearly 9% in two sessions, while WTI hovered around $90. Trump said the US would resist new attacks, but maintained the blockade of Iran-linked shipping until “discussions are complete,” keeping a risk premium attached to prices.
The market remained focused on the nearly halted shipping flow in the Strait of Hormuz, a passage that typically carries about a fifth of global oil supplies. Volatility increased as diplomatic headlines changed rapidly, while on-the-ground indicators showed supply constraints remained: Iran refused to open the strait while US interceptions continued, and the US said it had stopped/boarded sanctioned tankers and turned back a total of 28 vessels. As long as Hormuz remains open, the market is likely to remain in a regime of high oil prices and the risk of more sticky inflation. (asd)
Oil prices at the time of this analysis were released were: $98.31
- Buy if the price moves below $98.46
- Sell if the price moves below $97.42
Resistance 2: $99.67
Resistance 1: $99.07
Support 1: $97.89
Support 2: $97.35
Note: This article is analytical in nature and does not constitute definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id
