Oil Rises for Third Straight Day, Hormuz Stalemate Maintains Risk Premium!
Oil prices rose for the third straight day as the US and Iran remain far from a deal to end the war and reopen the Strait of Hormuz. Brent held above US$110 per barrel and WTI above US$107, supported by the uncertainty surrounding the direction of the negotiations and President Donald Trump's statements pressuring Iran to act quickly.
Sentiment was also influenced by the sluggish Hormuz flow following the Trump-Xi meeting in Beijing without concrete results, as well as the expiration of exemptions for Russian oil sales that tightened supply. Tensions escalated after drone attacks targeted energy facilities in the Persian Gulf, while Iranian media reported that Washington had not offered any concrete concessions. (asd)
Oil Price at the Time of This Analysis' Release Was at $111.32
- Buy if the price moves to $112.25
- Sell if the price moves to $109.97
Resistance 2: $115.52
Resistance 1: $113.24
Support 1: $108.68
Support 2: $106.40
Note: This article is analytical and not a definitive reference. Please consider the impact of fundamental and technical developments on your trading before making any investment decisions.
Source: Newsmaker.id