Brent Strengthens, Strait of Hormuz Back in the Spotlight
Brent prices strengthened on Thursday (February 12th) as the market again added a geopolitical risk premium: US-Iran tensions fueled concerns about supply disruptions in the Middle East (including risks to strategic shipping lanes), encouraging buyers to enter despite mixed global sentiment.
Interestingly, Brent's rise occurred despite a significant surge in US oil inventories (a build far above expectations), which normally puts downward pressure on prices. This means the market is again assessing geopolitical factors and demand expectations (relatively solid US economic data) as more dominant in the short term—while future direction will be sensitive to developments in Iran headlines and further energy data.
The oil price at the time of this analysis is $69.21
- Buy if the price moves below $69.30
- Sell if the price moves below $69.10
Resistance 2: $69.60
Resistance 1: $69.40
Support 1: $68.00
Support 2: $68.80
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