Hormuz is Key: Brent Could Surge or Plummet!
Oil prices are fluctuating, with Brent trading below US$89 and WTI around US$82. US-Iran tensions, vessel attacks in the Strait of Hormuz, and the conflict in Lebanon continue to support prices, even as Gulf exports proceed and global demand remains weak.
Newsmaker Analysis: If disruptions in the Strait of Hormuz escalate, Brent could rally toward US$100. However, if supplies remain steady and demand weakens, prices could face renewed downward pressure, potentially returning to the US$80 range.
Oil price at the time of this analysis: $88.52
- Buy if the price moves to $88.62
- Sell if the price moves to $88.42
Resistance 2: $88.87
Resistance 1: $88.72
Support 1: $88.32
Support 2: $88.20
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