Oil Weakens After Hormuz Deal Takes Effect!
Oil prices fell after the interim US-Iran peace deal came into effect. Brent weakened below $78 per barrel, while WTI hovered around $75, as the market assessed that reopening the Strait of Hormuz could restore energy supplies from the Persian Gulf.
However, a recovery is not yet fully assured. Shipping traffic in Hormuz remains limited, sanctions on Iran oil are unclear when they will be fully lifted, and US oil stocks at Cushing remain near operational minimum levels. Market focus now turns to the pace of normalization of Gulf exports and the direction of US oil inventories. (asd)
Oil Price at the Time of This Analysis' Release: $77.66
- Buy if the price moves to $77.05
- Sell if the price moves to $77.32
Resistance 2: $78.28
Resistance 1: $77.90
Support 1: $77.14
Support 2: $76.76
Note: This article is analytical and not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id