Oil Prices Retreat After US Cancels Iran Strike!
Oil prices weakened on Tuesday (May 19) after US President Donald Trump announced he was canceling a planned strike on Iran that day, following a request from Gulf allies. Brent crude futures for July fell 2.4% to US$109.37 per barrel at 8:23 a.m. Singapore time, while WTI crude futures for July fell 1.8% to US$102.51, following a strong rally in the previous session.
While the postponement of the strikes eased some of the risk premium, uncertainty remains high due to the effective closure of the Strait of Hormuz and blockade-related supply disruptions that have idled Iran's export terminal on Kharg Island for at least 10 days. The market is also monitoring sanctions dynamics, including the US denial of reports of a waiver for Iranian oil and new exemptions for Russian oil cargoes, with the focus now on progress in negotiations, physical flows in Hormuz/Kharg, and signals about US sanctions policy. (asd)
Oil Price at the Time of This Analysis' Release Was at $109.65
- Buy if the price moves to $109.50
- Sell if the price moves to $108.97
Resistance 2: $110.30
Resistance 1: $109.77
Support 1: $108.71
Support 2: $108.18
Note: This article is analytical in nature 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