Brent Edges Up; Hormuz Risks Persist
Brent crude prices edged higher during Thursday's trading (August 6). The rise was driven by market caution regarding developments in the agreement between Iran and Oman concerning shipping lanes in the Strait of Hormuz. While there is a possibility that some vessel traffic could resume, the agreement does not yet guarantee the full reopening of this vital waterway.
Oil prices also found support from persistent security risks in the Middle East. Reports of Houthi attacks on tankers reignited concerns over potential supply disruptions. However, Brent's gains remained limited as US crude inventories rose and the market maintained hopes that negotiations involving Iran could ease regional tensions.
Oil price at the time of this analysis: $78.94
- Buy if the price moves to $79.44
- Sell if the price moves to $78.65
Resistance 2: $80.61
Resistance 1: $79.82
Support 1: $78.24
Support 2: $77.45
Note: This article is analytical in nature and does not constitute definitive advice. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id