War Risk Eases, Brent Prices Under Pressure
Brent crude oil prices fell sharply during Monday's trading (August 3), dropping approximately 7.56% to the US$82.60 per barrel range. The decline followed US President Donald Trump's decision to call off planned new strikes against Iran and instead pursue a diplomatic agreement.
Hopes for a de-escalation of the conflict led investors to reduce the geopolitical risk premium that had previously supported oil prices. However, the market remains attentive to negotiation developments and shipping security in the Strait of Hormuz, as a diplomatic failure could once again trigger a surge in energy prices.
Oil price at the time of this analysis: $82.60
- Buy if the price moves to $82.67
- Sell if the price moves to $82.53
Resistance 2: $82.97
Resistance 1: $82.82
Support 1: $82.38
Support 2: $82.23
Note: This article is analytical in nature and does not constitute a definitive recommendation. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id