US–Iran Tensions Escalate; Brent Breaches US$91
Oil prices rose on Tuesday (Aug 18) as prospects for peace between the US and Iran dimmed. Brent crude climbed 0.7% to US$91.49 per barrel, while WTI rose to US$85.25. Sentiment soured after Iran signaled a more offensive military stance and the US refused to extend a temporary ceasefire.
Supply risks have also heightened due to attacks on vessels in the Strait of Hormuz and the Red Sea. Until shipping lanes return to normal, oil prices are likely to remain high—ranging between US$80 and US$100 per barrel—sustaining concerns regarding energy inflation and global market volatility.
Oil price at the time of this analysis: $91.48
- Buy if the price moves to $91.56
- Sell if the price moves to $91.30
Resistance 2: $91.98
Resistance 1: $91.71
Support 1: $91.19
Support 2: $90.93
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