Brent Strengthens, Hormuz Risks Renew Geopolitical Premiums
Brent oil prices strengthened on Friday (April 24th), driven by renewed concerns about supply disruptions from the Middle East. This increase puts Brent on track for a large weekly gain, after the market fluctuated in recent sessions following security and diplomatic developments in the region.
Brent's gains were primarily supported by shipping risks in the Strait of Hormuz, which remains largely blocked, including the latest incident that has raised market concerns about ship security and energy flows. In this context, the energy risk premium tends to persist as market participants assess that the risk of supply disruptions has not fully subsided, so inflationary pressures from the energy channel remain a closely watched variable. (gn)
Oil prices at the time of this analysis were released were: $107.07
- Buy if the price moves below $107.29
- Sell if the price moves below $106.63
Resistance 2: $108.18
Resistance 1: $107.52
Support 1: $106.20
Support 2: $105.54
Caution: This article is analytical in nature and does not constitute definitive reference. Please consider the influence of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id*