Brent crude continues to update the multi-month highs. During the Asian session, Brent reached a local "Haya" $ 70.95 environment. Last time at this mark oil was in May 2018. Rising oil prices continued amid escalating geopolitical tensions in the Middle East. As it became known last night Iran has produced more than ten ballistic missiles along the US armed forces located in Iraq.
Rocket attack began in retaliation for the killing of an Iranian military commander Qasem Soleimani in the US airstrike. Market participants believe that Iran's response will lead to the fact that the conflict between the two countries will grow into a military confrontation. Many also believe that this has already happened, because Iran and the United States clearly crossed the point of no return. Taking into account the legitimate concerns of traders that a further rise in tensions between the two countries will lead to disruption of oil supply and potential supply constraints of raw materials on the world market, oil still retains the potential for further recovery.
Scenario further growth of the oil market finally confirmed provided by the US retaliation. It is important to note that at this stage the United States refrained from immediate response to Iran's attacks, which may indicate attempts to American President Donald Trump to avoid escalation of the conflict. Nevertheless, impulsive Trump leaves the US the answer is quite likely. For this reason, in spite of the local correction, of Brent crude oil at any moment to resume an upward movement, aiming at $ 80 per barrel. Today, support prices may also have a report on crude oil inventories in the US, which will be released at 18:30 GMT.
Brent BuyStop 69,50 TP 79,50 SL 68,50
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