Oil Rebounds, Gulf Attacks and US Sanctions Boost Hormuz Risk Premium
Oil prices surged after new attacks in the Persian Gulf and renewed US sanctions increased pressure on Iran, while disagreements over the opening of the Strait of Hormuz remained wide. Brent retreated to near $98 per barrel after a sharp drop the previous day, and WTI moved above $92, amidst IRGC counterclaims and a Kuwaiti air defense warning that underscored the fragility of the ceasefire.
Despite today's gains, oil remains at risk of a second weekly decline as some in the market continue to cling to the scenario of an interim agreement, but optimism about a "quick deal" is fading. API data showing US oil stockpiles fell by 2.8 million barrels provided additional support, but the next direction remains highly headline-based: an escalation could quickly lift risk premiums, while concrete progress on opening Hormuz could trigger a correction in the rally. (asd)
Oil Price at the Time of This Analysis' Release Was at $96.71
- Buy if the price moves to $97.20
- Sell if the price moves to $96.50
Resistance 2: $97.54
Resistance 1: $97.54
Support 1: $96.14
Support 2: $95.44
Note: This article is analytical in nature and not a definitive reference. Please consider the impact of fundamental and technical developments on your trading before making any investment decisions.
Source: Newsmaker.id
