Oil Weakens, Hormuz Remains a Time Bomb for Energy Markets
Oil prices weakened in Asian trading on Tuesday (June 30th), as investors eyed the possibility of a resumption of dialogue between the United States and Iran. Hopes for peace talks in Doha have somewhat eased concerns about supply disruptions from the Middle East, particularly through the Strait of Hormuz. At 2:03 a.m. ET (06:03 GMT), WTI fell 0.8% to US$70.21 per barrel, while Brent fell 1.2% to US$72.26 per barrel.
However, the oil market remains on high alert as Washington and Tehran engaged in renewed military action over the weekend. Uncertainty also increased after Iran announced it would continue its plan to monitor maritime traffic in the Strait of Hormuz. (asd)
Oil Price at the Time of This Analysis: $73.45
- Buy if the price moves to $73.49
- Sell if the price moves to $73.08
Resistance 2: $74.06
Resistance 1: $73.65
Support 1: $72.83
Support 2: $72.42
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