Oil Rebounds, Market Eyes Strait of Hormuz and US-Iran Negotiations
Oil prices rose on Monday (June 1), as negotiations to extend the US-Iran ceasefire showed no breakthrough and the reopening of the Strait of Hormuz was seen as progressing slowly. Brent crude rose above US$93 per barrel, while WTI rose 2.7% to US$89.69 per barrel, rebounding after its deepest monthly decline in more than six years.
The US dollar also strengthened slightly, and US Treasury yields rose, with the 10-year yield rising by about three basis points to 4.46%, reflecting concerns about energy-driven inflation if supply risks increase. The market is monitoring developments in regional diplomacy and security, as well as the response of the dollar, yields, and global demand signals, including a slowdown in Chinese factory activity in May. (asd)
Oil Price at the Time of Release of This Analysis is at $93.08
- Buy if the price moves to $92.97
- Sell if the price moves to $92.35
Resistance 2: $93.98
Resistance 1: $93.36
Support 1: $92.12
Support 2: $91.50
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