Oil movement forecasts for the coming period

Oil at the basic level

Oil prices fell by about 5% after Israel agreed to a ceasefire with Iran after almost two weeks of conflict.

The price of Brent crude oil fell to levels of 68 dollars per barrel, and also West Texas crude oil to levels below 65 dollars per barrel, a price lower than when Israel started the war against Iran on June 13.

Iran has also avoided closing the Strait of Hormuz, easing fears of wider disruptions to global energy and trade routes.

But the extent to which Israel and Iran adhere to the terms of the recently announced ceasefire will play an important role in determining oil prices in the near term.

Oil at the technical level

Oil prices fell today down to the levels of the main uptrend on the daily frame with the retesting of the broken downtrend near the levels of approximately 65.00 and around.

We expect a rise in crude oil today after reaching these support levels to target the levels of 69.00 and then 72.00 dollars per barrel.

This scenario fails if the levels of USD 63.00 per barrel are broken by a daily candle.