Oil Rebounds, Hormuz Risk Remains Dominant
Oil prices rose again after a correction, with Brent approaching US$102 per barrel and WTI around US$95. The market weighed Iran's escalating attacks on energy assets in the region, including a drone attack on the Shah gas field in the UAE, against the US's planned release of emergency reserves and the IEA's signal that stocks could be replenished.
The main focus remains on the Strait of Hormuz: Trump has threatened to expand attacks on oil infrastructure in Kharg, but the US is reportedly still allowing Iranian exports through the waterway, while some ships are beginning to pass through. The combination of the risk of prolonged disruption, the effectiveness of stock releases, and developments in US-Iran diplomacy will continue to determine risk premiums and price volatility.
The oil price at the time of this analysis was released was at: $102.99
- Buy if the price moves below $103.17
- Sell if the price moves below $103.70
Resistance 2: $104.18
Resistance 1: $103.45
Support 1: $102.44
Support 2: $101.99
Note: 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