Instrument: OIL
Bullish Preference:
Buy position is envisaged if price trades above 87.97 with take profit at 88.33
Bearish Preference:
Sell position is envisaged if price trades below 87.43 with take profit at 87.09
Fundamentals:
No High Impact
Comment:
Oil prices surged more than 5% on Monday on rising geopolitical tensions in the Middle East.
Rumors that Iran helped Hamas plan the attack added fuel to the fire. Iran denied the allegations by the way, but an escalation of tensions between Iran, Israel, and hence the US, could have severe consequences for global oil production as, despite restrictions, Iran could increase its exports and shoulder a part of the global production since the Ukrainian war, as Russian oil was banned, and the West had little choice to let someone sell its oil
Iran out of the picture could be a nightmare. And this is exactly why the US is now going toward other sanctioned countries to see if there is something that could be done.
Analysis: SCRUM Team
