Two weeks ago the Crude oil price was around $51 and markets were discussing if a new downtrend was forming. All this changed on the 13th of June when the first of several oil tanker attacks happened in the Gulf of Oman. Watch our analysis of how this is and will impact oil prices and OPEC production cuts.
Currently trading at around $57.22, Crude oil has had a slightly larger jump than Brent, which trades for $64.26 at the moment. Several days of moving up with over 4% have come together with a growing nervousness about the geopolitical situation in the Persian Gulf and a potential armed conflict following accusations between Saudi Arabia (who own several of the attacked oil tankers) and Iran.
Although the tanker attacks haven’t caused giant shockwaves, they have definitely impacted the OPEC meeting (which will also include non-OPEC oil producing nations like Russia). Originally scheduled for the June 25, it has now been moved to July 1 and could change many plans. It was thought that production cuts were necessary to keep the oil price high in the near-term but this latest development could cause a recalibration of plans.
Watch as we analyse the impact of the oil tanker attacks and perform an oil price analysis that shows the closest support and resistance levels on the chart.
Subscribe to our channel for more crude oil analysis and for regular updates on what’s impacting the oil price for both Crude and Brent.
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