Oil Holds High, Hormuz Key
Oil held near a six-month peak after rallying in the past two sessions. WTI hovered around $67/barrel and Brent neared $72/barrel, fueled by rising geopolitical risks after Trump gave Iran a "10-15 day" deadline for nuclear negotiations and the US strengthened its military posture in the Middle East.
The market focused on the risk of disruption in the Strait of Hormuz (which accounts for about 20% of global oil supply), which added a geopolitical premium to prices. Additional support came from EIA data: US crude inventories fell by 9 million barrels, accompanied by declines in gasoline and distillate stocks, maintaining an upward bias in oil prices despite still-high volatility.
The oil price at the time of this analysis is $71.47
- Buy if the price moves below $71.58
- Sell if the price moves below $71.45
Resistance 2: $71.87
Resistance 1: $71.72
Support 1: $71.33
Support 2: $71.15
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider the influence of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id
