Oil Soars After Trump Rejects Iran Peace Proposal
Oil prices surged on Monday (May 11) after US President Donald Trump deemed Iran's response to the US peace proposal "unacceptable," rekindling concerns about supply disruptions as the Strait of Hormuz remains largely closed. Brent crude rose US$4.16 (+4.11%) to US$105.45/barrel and WTI crude rose US$4.38 (+4.59%) to US$99.80/barrel at 03:40 GMT, reversing a decline of around 6% last week when markets had hoped for an easing of tensions.
Price movements are increasingly dominated by geopolitical headlines, with risk premiums remaining high as long as key energy shipping lanes are disrupted. The market is now focusing on Trump's visit to Beijing this week. (asd)
The oil price at the time of this analysis was released was: $104.40
- Buy if the price moves below $105.72
- Sell if the price moves below $105.05
Resistance 2: $106.82
Resistance 1: $106.15
Support 1: $104.81
Support 2: $104.14
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