Oil Rises, Hormuz Tensions Resume
Oil prices continued their rally after US President Donald Trump cast doubt on the sustainability of the ceasefire with Iran and rejected Tehran's latest peace offer. Brent traded near US$106 per barrel after rising 2.9% in the previous session, while WTI hovered near US$101, amid conditions in the Strait of Hormuz described as "almost closed" and continuing to disrupt the flow of oil, gas, and fuel to global markets.
Trump called the ceasefire on "massive life support" and criticized Iran's response to a US proposal to end the 10-week war. Sources familiar with the discussions said Iran is demanding the lifting of the naval blockade and the easing of sanctions, but wants to maintain control over traffic in Hormuz. Bloomberg Economics assesses the chances of a comprehensive peace deal as slim and the risk of further escalation remains, though likely temporary before a low-level conflict subsides. (asd)
The oil price at the time of this analysis was released was: $106.32
- Buy if the price moves below $106.92
- Sell if the price moves below $105.41
Resistance 2: $109.00
Resistance 1: $107.49
Support 1: $104.47
Support 2: $102.96
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
