Oil Under Pressure as War Risks Ease
Oil prices fell sharply on Monday (June 15th) after the United States and Iran agreed to a temporary deal to end the war. Brent fell 5.3% to below US$83/barrel, while WTI weakened to below US$80/barrel. Negative sentiment arose because the agreement opened the door to full operation of the Strait of Hormuz, alleviating concerns about global energy supply disruptions.
Fundamentally, the decline in oil reflects a reduction in the geopolitical risk premium. If Hormuz is fully reopened and Persian Gulf oil flows resume, supply pressures could ease and the risk of energy inflation could also subside. However, the market is still awaiting evidence of implementation, including the signing of the agreement, the security of the Strait of Hormuz, and the restoration of Gulf oil exports. (asd)
Oil Price at the Time of Release of This Analysis is at $82.24
- Buy if the price moves to $82.91
- Sell if the price moves to $82.16
Resistance 2: $84.11
Resistance 1: $83.36
Support 1: $81.86
Support 2: $81.11
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
