Search for direction for rising oil prices continues

A barrel of Brent oil is trading at $88.06 in international markets.

The price of a barrel of Brent oil, which rose to $88.49 yesterday, ended the day at $87.65.

The price of a barrel of Brent oil increased 0.47 percent compared to today’s close at 10:13 a.m., reaching $88.06. At the same time, West Texas Intermediate (WTI) crude oil sold at $86.36 per barrel.

THE ISRAEL-PALESTINE CONFLICT CAUSED CONCERN

The search for direction continues for oil prices, which rose suddenly due to concerns about oil supply in the markets after the Israeli-Palestinian conflict.

Although Israel’s role in global oil supplies is limited, the ongoing attacks raise concerns that if the conflict spreads to the region, it will damage oil supplies and further deepen the supply gap expected for the rest of the year. .

Furthermore, while Iran’s role in these conflicts is discussed, the possibility of an embargo against Iran continues to pose a risk in the oil market.

US STATEMENT TO IRAN

In the statement made yesterday by the US, it was stated that they had no tangible evidence that Iran was directly involved in Hamas’ attack plans and that they would continue to investigate the matter.

On the other hand, growing expectations that the end of “hawkish” monetary policies around the world are also affecting prices.

While it is strongly emphasized that the US Federal Reserve (Fed) and the European Central Bank (ECB) will keep the monetary policy rate constant in meetings held throughout the rest of the year, the tone of the verbal guidance of the members of the bank is slowly becoming moderate.

It is stated that in Brent oil, technically, the range between $88.23 and $88.61 can be considered as resistance, and the range between $87.85 and $87.47 as support zone. (AA)