Brent Holds Steady; Market Remains Wary of Hormuz Situatio
Brent crude prices remained relatively stable during Monday's trading (Aug 17) after briefly touching the $89.70 level. Price movement appeared somewhat capped following last week's strong rally, as the market continues to price in a risk premium due to the US-Iran diplomatic impasse and severely restricted shipping traffic through the Strait of Hormuz.
While geopolitical tensions continue to support prices, the upside for Brent is becoming limited because supplies from the Gulf region have not been completely cut off. Saudi Aramco and ADNOC are still diverting some shipments via alternative routes, preventing supply concerns from escalating into a full-blown crisis.
Oil price at the time of this analysis: $89.29
- Buy if the price moves to $89.67
- Sell if the price moves to $88.72
Resistance 2: $91.00
Resistance 1: $90.05
Support 1: $88.15
Support 2: $87.20
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
