OIL extends decline losing 4.5% 📉

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Futures on Brent Crude (OIL) are down over 4.5% today, as markets react to the Middle East ceasefire, reducing the perceived risk of supply disruptions in the Strait of Hormuz.

The US President Donald Trump suggested that the United States would not engage in conflict, citing that Iran’s nuclear capabilities have been significantly weakened and are now limited.
Additionally, Israel may adopt a less aggressive stance, knowing that any strike on Iran would likely draw criticism from Trump, and that U.S. arms support would no longer be guaranteed.
The declining U.S. dollar (USDIDX) is also contributing to profit-taking in oil markets. Brent futures have now fully erased the gains made since June 12.

OIL (H1 interval)

The weakening of the U.S. dollar continues to encourage profit-taking in oil, further reinforcing the downward move. Brent futures have now retraced the entire upward move since June 12. Current price action suggests a possible drop toward $62 per barrel, should bearish sentiment persist. Growing optimism over a diplomatic resolution between Israel and Iran is reinforcing this downside momentum.

Source: xStation5

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OIL extends decline losing 4.5% 📉

OIL (H1 interval)

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