Brent Remains Bullish, Driven Primarily by Hormuz Situation
Brent's fundamentals remain bullish, though the price has entered a zone susceptible to profit-taking. This morning, Brent is trading around US$91.8–US$91.9 per barrel—up nearly 1% from the previous session—while WTI stands at approximately US$85.8. Brent extended its gains after previously recording its highest close in over three weeks.
The strongest bullish factor remains the US-Iran standoff. Trump has asserted that no negotiations with Tehran are underway or scheduled, while Iran has stated that the Strait of Hormuz will remain closed until the US lifts port blockades and oil sanctions, releases frozen Iranian assets, and halts military operations. Consequently, the market sees no diplomatic path that could restore normal oil flows in the near term. (mrv)
Oil price at the time of this analysis: $91.83
- Buy if the price moves to $91.88
- Sell if the price moves to $91.78
Resistance 2: $92.50
Resistance 1: $92.16
Support 1: $91.34
Support 2: $90.88
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
