Oil Prices Rise as US-Iran Peace Talks Stall
Oil prices rose on Friday (May 22nd) as investors doubted the possibility of a peace deal between the US and Iran. The main issues remaining are the dispute over Iran's uranium reserves and control of the Strait of Hormuz. Brent rose $2.38 to $104.96 per barrel, while WTI rose $1.73 to $98.08, although prices remained down on the week.
Supply disruptions remain a major concern. The war has cut 14 million barrels of oil per day, and full flow through the Strait of Hormuz is not expected to return until early 2027. OPEC+ is likely to agree to a modest production increase in July, although some countries are still experiencing shipping disruptions due to the conflict.
Oil Price at the Time of This Analysis' Release Was at $104.82
- Buy if the price moves to $105.01
- Sell if the price moves to $104.45
Resistance 2: $105.82
Resistance 1: $105.26
Support 1: $104.14
Support 2: $103.58
Note: This article is analytical in nature 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
