Strait of Hormuz and diplomatic uncertainties drive oil prices up
Brent crude oil prices rose due to the course of contacts between the US and Iran and supply concerns regarding the Strait of Hormuz.
The barrel price of Brent crude rose to $99.39 amid increasing uncertainties regarding the course of diplomatic contacts between the US and Iran and supply concerns concerning the Strait of Hormuz.
Latest Status in Brent Oil Prices
The December futures contract for Brent crude increased by 1.6 percent compared to the close, reaching $99.39 per barrel. Meanwhile, the November futures contract for West Texas Intermediate crude was determined as $93.93.
Strait of Hormuz and Diplomatic Traffic
While diplomatic contacts regarding a potential agreement between the US and Iran continue, conflicting statements from the parties keep the risk premium alive in the markets. Efforts are underway to resume indirect negotiations with Qatar's mediation.
Technical Levels and Resistance Zones
In light of these developments in global markets, technically $100.78 is being monitored as the resistance level and $98.74 as the support zone for Brent crude.