CL  – Volatile amid fluctuating U.S.-Iran tensions

Oil prices continued to rise this week. Signals from the U.S. indicate that significant differences remain on key issues, prompting investors to once again price in a higher risk of supply disruptions. Disputes over the conditions for reopening the Strait of Hormuz and related compensation demands have reduced market expectations of a comprehensive short-term agreement.

On the technical chart, the 9-day moving average is about to cross below the 25-day moving average, potentially forming a bearish crossover that signals a downward bias for oil prices. Initial support is estimated at $81.20 and $80, followed by $77.70 and the 250-day moving average at $73.80. Resistance is expected at $84.60, then $85.50 and $86.20, with a further key level at $86.90.

Forecast range:  
Resistance: 84.60 – 85.50 – 86.20 – 86.90*  
Support: 81.20 – 80.00 – 77.70 – 73.80

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