Hormuz on Alert, Oil Prices Not Easily Dropped
il held firm as the market placed a risk premium on Iran tensions and the spotlight on the Strait of Hormuz, a key global energy shipping route. The US warning for American-flagged vessels heightened concerns about shipping disruptions, even though US-Iran negotiations are ongoing.
From an analyst perspective, the still-tight market structure is limiting declines. The next direction depends heavily on two factors: the progress of the negotiations (the risk premium could disappear if it eases) and US inventory/demand data.
The oil price at the time of this analysis is $68.90
- Buy if the price moves below $69.00
- Sell if the price moves below $68.78
Resistance 2: $69.33
Resistance 1: $69.11
Support 1: $68.67
Support 2: $68.45
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id