Brent Strengthens; Hormuz Uncertainty Supports Oil Prices
Brent crude prices strengthened on Monday (August 10) as the market focused once again on the uncertainty surrounding the reopening of the Strait of Hormuz. Despite hopes for diplomacy between the US and Iran, shipping flows through this vital energy corridor remain restricted; consequently, supply concerns continue to underpin oil prices.
From a fundamental perspective, Brent's gains are also driven by the lack of clear progress regarding agreements in the Gulf region. As long as oil shipments through Hormuz fail to return to normal, a geopolitical risk premium is likely to persist in the market.
Oil price at the time of this analysis: $83.50
- Buy if the price moves to $83.69
- Sell if the price moves to $83.26
Resistance 2: $83.31
Resistance 1: $83.88
Support 1: $83.02
Support 2: $82.59
Note: This article is analytical in nature and does not constitute a definitive recommendation. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id
