Brent Approaches US$100, Middle East Supply Risks Remain Hot
Brent oil prices hovered around US$99.97 per barrel on Friday (July 24th), after briefly breaking through US$100 for the first time in nearly two months. Despite weakening slightly, Brent still recorded a weekly gain of around 13.5%, while WTI hovered around US$91.49 per barrel, heading for a 10.9% weekly gain. This increase was triggered by Houthi attacks on tankers in the Red Sea, President Donald Trump's threat to expand attacks on Iran, and disruptions to Kazakhstan's oil export routes along the Black Sea coast.
From a market perspective, oil prices remain volatile due to market concerns about supply disruptions in two key waterways: the Strait of Hormuz and Bab el-Mandeb. If US-Iran tensions and the Houthi attacks continue, the risk premium on Brent and WTI could remain high. This could potentially increase global inflationary pressures, keep bond yields high, and make riskier assets like stocks more vulnerable to corrections. (asd)
Oil price at the time of this analysis: $94.85
- Buy if the price moves to $95.20
- Sell if the price moves to $94.55
Resistance 2: $96.15
Resistance 1: $95.65
Support 1: $94.15
Support 2: $93.75
Note: This article is analytical 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
