Brent Prices Drop, Market Cuts Risk Premium Ahead of US-Iran Talks
Brent oil prices weakened on Friday, weighed down by optimism that the Middle East conflict could be nearing an end after a 10-day Israel-Lebanon ceasefire took effect and US President Donald Trump said the US and Iran might meet for talks later this week.
Despite the correction, the market still believes supply risks have not completely disappeared, as the Strait of Hormuz has been closed for about seven weeks, blocking about a fifth of global oil flows; ING analysts estimate the disruption to be around 13 million barrels per day. (gn)
The oil price at the time of this analysis was released was at: $98.10
- Buy if the price moves below $98.42
- Sell if the price moves below $97.92
Resistance 2: $99.24
Resistance 1: $98.74
Support 1: $97.74
Support 2: $97.24
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