Brent Prices Correct, Hopes for US-Iran Peace Pressure Oil Prices
Brent oil prices corrected again as the market picked up signs of easing tensions in the Middle East. US President Donald Trump cited progress toward a peace deal with Iran, alleviating concerns about disruptions to oil supplies from the Gulf region.
Fundamentally, Brent's pressure stems from expectations that vital supply routes like the Strait of Hormuz could return to normal if US-Iran negotiations truly improve. However, price declines remain limited as the blockade on Iranian ports has not been fully lifted, and US crude oil inventories reportedly fell by 8.1 million barrels. (gn)
Oil prices at the time of this analysis were released were: $108.26
- Buy if the price moves below $108.57
- Sell if the price moves below $108.09
Resistance 2: $109.37
Resistance 1: $108.89
Support 1: $107.93
Support 2: $107.45
Caution: This article is analytical in nature and does not constitute definitive reference. Please consider the influence of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id