Oil Heats Up, Could It Hit ATH?
Oil prices surged again after Iran-backed Houthis attacked two Saudi Arabian tankers in the Red Sea. Brent traded near US$99 per barrel. This attack raised market concerns about further disruption to global energy supplies, especially as the Red Sea serves as a key route for Saudi oil exports to avoid risks in the Strait of Hormuz.
With oil already hovering around US$92 per barrel, the opportunity to reach the psychological level of US$100 is increasingly open. The main sentiment still stems from the risk of supply disruptions in the Red Sea and Strait of Hormuz. However, because the price has risen quite aggressively, oil prices are also vulnerable to short-term corrections if profit-taking occurs or there are signs of US-Iran diplomacy. As long as it remains above US$96, the bias for oil remains bullish. (asd)
Brent's price at the time of this analysis was released was at: $92.56
- Buy if the price moves to: $93.12
- Sell if the price moves to: $84.18
Resistance 2: $94.25
Resistance 1: $93.85
Support 1: $92.04
Support 2: $91.72
Note: This article is analytical and not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id
