Trump Threatens Iran, Oil Prices Immediately Rise
Oil prices rose on Friday and headed for a weekly gain after US President Donald Trump renewed threats against Iran, fueling market concerns about potential military action that could disrupt supply. March Brent crude rose about 0.75% (+47 cents) to US$64.53/barrel, while March WTI crude rose 0.75% to US$59.79/barrel.
These gains came after Trump said a US flotilla was heading towards Iran and he hoped not to use it, while reiterating his warning against Tehran's nuclear program. The market is also awaiting the release of US oil and gas rig count data from Baker Hughes later today to gauge the direction of US supply in the coming weeks.
The oil price at the time of this analysis is $63.70
- Buy if the price moves below $63.85
- Sell if the price moves below $63.55
Resistance 2: $64.15
Resistance 1: $64.00
Support 1: $63.40
Support 2: $63.25
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id