Brent Remains Strong; Hormuz Risks Keep Prices Elevated
Brent crude prices maintained their upward momentum during Tuesday's trading (Aug 18), marking a third consecutive session of gains. Bullish sentiment continues to be driven by the diplomatic impasse between the US and Iran; Washington has refused to extend an interim agreement, while Iran insists the Strait of Hormuz will remain closed until certain demands are met.
Tehran's increasingly aggressive stance, combined with fresh attacks on vessels in the region, has kept the supply risk premium high. Although some oil is still managing to exit the Persian Gulf via alternative routes, volumes remain insufficient to alleviate market concerns regarding supply disruptions.
Oil price at the time of this analysis: $91.24
- Buy if the price moves to $91.39
- Sell if the price moves to $91.03
Resistance 2: $91.90
Resistance 1: $91.54
Support 1: $90.82
Support 2: $90.46
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
