Commodities Analysis by Naeem Aslam covering: Brent Oil Futures, Crude Oil WTI Futures. Read Naeem Aslam's latest article on Investing.com
prices continue to deflate while war tensions are very much anchored in place between Iran and Iraq. There is no doubt that we two groups of traders are currently moving the prices.
The question for traders is when Israel will attack Iran and if the attack will involve any oil fields as that would impact the oil equations.Oil prices have been experiencing volatile moves in the past few months as the initial attacks began. Traders have been on the edge as they continue to be that the recent retaliatory attacks by Iran on Israeli soil changed the dynamics of things significantly as this was the first time that we saw Iranian missiles landing in Israel.
Traders are concerned that if Israel does attack Iranian energy resources, it could lead to a significant spike in oil prices worldwide. This uncertainty in the market has caused oil prices to fluctuate as investors weigh the potential consequences of such an attack. With tensions escalating in the Middle East, traders are keeping a close eye on the situation and preparing for any potential market volatility that may arise.
Speaking from the technical perspective, the crude oil price continues to trade below the 200-day SMA on the daily time frame, which is a concern for bulls as they strongly believe that if the price was going to move higher, we should see the price moving above this SMA. The bears have their strong belief, which is that prices are likely to move to remain under their control as long as the price doesn’t move above the $80 price mark.
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