Hormuz Situation Unresolved; Brent Nears US$90 Again
Oil prices strengthened during the US session on Friday (August 14), with Brent trading around US$87 per barrel. The rise was driven by growing supply concerns after the United States stated that a naval blockade of Iran could be maintained indefinitely, while ceasefire talks and efforts to reopen the Strait of Hormuz have yet to show progress.
Although geopolitical risks continue to support prices, gains remain capped by a surge in US crude inventories and projections of weaker global demand. Newsmaker Analysis: As long as the situation at Hormuz does not return to normal, Brent has the potential to hold above US$85 and test the US$90 level; however, profit-taking remains a risk if tensions do not escalate further.
Oil price at the time of this analysis: $87.89
- Buy if the price moves to $88.06
- Sell if the price moves to $87.70
Resistance 2: $88.45
Resistance 1: $88.25
Support 1: $87.50
Support 2: $87.29
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
