Brent Oil Rises; Focus Remains on Hormuz
Brent crude prices are currently climbing to a more than three-week high, driven by concerns that the US-Iran standoff will continue to disrupt supplies from the Middle East. From a fundamental perspective, the rise in Brent is supported by a persistent geopolitical risk premium following President Donald Trump's statement that no talks are taking place with Iran, while uncertainty surrounding the Strait of Hormuz continues to loom over global energy trade flows.
Oil price at the time of this analysis: $93.72
- Buy if the price moves to $93.93
- Sell if the price moves to $93.57
Resistance 2: $94.50
Resistance 1: $94.14
Support 1: $93.42
Support 2: $93.06
Note: This article is analytical in nature and does not constitute definitive advice. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id