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Crude Oil Prices Might Have Resumed Uptrend on Javad Zarif Comments

Brent Crude oil prices have started to gain once again, as the tension between Iran and the US is mounting.

From yesterday’s low of $63.07, crude oil prices were up by 3.85% earlier today. Around the same time, crude oil prices leaped higher, the Foreign Minister of Iran, Javad Zarif, published a tweet saying “Act of war” or Agitation for war? As he claimed President Trump was being deceived into war with Iran.

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Russian Foreign minister Lavrov has tried to defuse the situation, by urging gulf states to start talking.

At the same time, Reuters reported that crude oil traders and large crude oil users are uncertain about the outlook for crude oil as the market is currently supported by stored supply. There is little insight into how much supply truly is available, and some clients, like Asia’s largest refiner, Sinopec, looks to have charted at least four crude tankers from the US this week.

Technically, Brent Crude oil prices look to have concluded the downtrend from Sunday’s high, and as long as the price trades above yesterday’s low the price might trade to the next resistance level at $66.44, followed by the next high at $68.30. Yet, on the price trading below yesterday’s low crude oil prices could try to close the price gap from Friday’s close at $60.20.Download our latest quarterly market outlook for our longer-term trade ideas.

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