Oil now

Major oil brands are trading near weekly highs for risks of exacerbation of tension in the Middle East. After a series of incidents involving attacks on oil-producing and oil-transport facilities in Saudi Arabia, the rhetoric of official representatives of Saudi Arabia has significantly tightened to a possible opponent of Iran, who had previously declared physical threats as a result of tougher sanctions. Despite the complete restriction of the US sanctions on supplies from Iran, it became known that the tanker with Iranian oil arrived in the ports of China.

In the face of rising armed tensions in the Middle East and the trade confrontation between the United States and China, oil may receive a significant support against the background of reduced supply. It will also indicate a technical resumption of the upward trend in oil after decline.

Look Technical Analysis.

Brent crude is oil traded around $ 73.00, an increase of about + 0.60% in price.

WTI oil is traded at around $ 63.50, an increase of about + 1.00% in price.

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Dani Leviant

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