Hopes for Peace Pressure Oil
Oil prices weakened again on Tuesday (July 28th) after the United States and Iran extended their pause in attacks.
The decline occurred after President Donald Trump said the two countries were in talks to end the Middle East conflict. Trump said the chances for progress were quite high and chose to hold off on attacks to allow room for negotiations.
However, the market remains cautious due to the uncertainty surrounding the outcome of the talks. Tanker traffic in the Strait of Hormuz has also not returned to normal, with only four vessels recorded passing through on Monday.
Iran and Oman continue to negotiate to reopen shipping through the Strait of Hormuz. The waterway previously carried about a fifth of the world's oil flows and was a key flashpoint in the conflict.
Oil price at the time of this analysis: $83.39
- Buy if price moves to $83.30
- Sell if price moves to $83.45
Resistance 2: $83.75
Resistance 1: $83.55
Support 1: $83.25
Support 2: $83.15
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
