Market Analyst: Brent Holds at US$84.46, Hormuz Risks Still Heating Up Oil
Brent oil prices remained high at around US$84.465 per barrel in trading on Wednesday (July 15), although they have begun to move slightly away from their previous surge. This movement remains influenced by the escalating conflict between the United States and Iran, after President Donald Trump reimposed a naval blockade on Iranian ports. The market is also still monitoring threats from Iran's Revolutionary Guard Corps, which said regional energy export routes could also be blocked if US pressure continues.
Brent remains in a volatile phase because supply risks from the Strait of Hormuz have not fully subsided. As long as Gulf exports have not returned to normal and cross-regional tensions persist, oil has the potential to remain supported by a geopolitical risk premium.
Brent price at the time of this analysis was released was at $84.48
- Buy if the price moves to $84.64
- Sell if the price moves to $84.18
Resistance 2: $85.39
Resistance 1: $84.93
Support 1: $84.01
Support 2: $83.55
Note: This article is analytical in nature and not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id