Brent Rises; Hormuz Uncertainty Fuels Supply Concerns
Brent crude prices strengthened again during Wednesday's trading (August 19). The rise remains driven by uncertainty regarding shipping activity through the Strait of Hormuz, following conflicting statements from the United States and Iran concerning the status of this strategic energy corridor. With shipping activity yet to return to normal, the market is maintaining a geopolitical risk premium and harboring heightened concerns about global oil supplies. Bullish sentiment is further bolstered by supply disruptions elsewhere, including reduced Russian oil exports due to issues at the port of Novorossiysk. Meanwhile, a weakening US dollar is providing support for dollar-denominated commodities like oil.
Oil price at the time of this analysis: $90.19
- Buy if the price moves to $90.31
- Sell if the price moves to $89.79
Resistance 2: $91.06
Resistance 1: $90.54
Support 1: $89.50
Support 2: $88.98
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