Oil Soars, US Attack on Iran Stirs Strait of Hormuz Risks
Oil prices rebounded after the United States launched a second day of military strikes against Iran. Brent crude rose to around US$95.25/barrel on Thursday (June 11th), while WTI rose to US$92.48/barrel, as the market re-introduced a geopolitical risk premium after Iran claimed to have blocked all shipping traffic through the Strait of Hormuz.
Oil's gains were also supported by a 7.2 million barrel decline in US crude inventories, indicating that physical supplies remain tight. Going forward, the direction of oil prices will depend heavily on developments in US-Iran diplomacy and the state of shipping traffic in Hormuz. If disruptions persist, energy prices risk remaining high and could increase global inflationary pressures. (asd)
Oil Price at the Time of Release of This Analysis is at $94.40
- Buy if the price moves to $95.49
- Sell if the price moves to $94.68
Resistance 2: $96.71
Resistance 1: $95.89
Support 1: $94.26
Support 2: $93.44
Note: This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on your trading before making any investment decisions.
Source: Newsmaker.id