President Trump says the US now has almost total control of the Strait of Hormuz and expects developments on Iran soon, pointing to what he called historic oil flows through the strait over the last three days. Crude gave up an earlier push toward $92 and traded lower on the day, with technical levels now in focus for oil traders.
Trump said the US has almost total control of the Strait of Hormuz and that developments on Iran will come soon. He offered no specifics on what those developments might involve.
Trump points to oil flows through Hormuz
He also pointed to historic flows of oil out of Hormuz in the last three days. His comments leave open whether the next step involves negotiations, military action, or arrangements governing passage through the strait.
For oil traders, the key question is whether the claim of strong flows translates into sustained, reliable shipments. That would ease concerns over supply disruptions. But a promise of coming soon is not a deal or a timetable, and traders will want concrete details on what happens next and whether tankers can keep moving through Hormuz.
Crude oil pulls back from the $92 level
Crude oil's price high on the hourly chart extended back toward the $92 level before rotating lower, with the price currently trading at $90.65. The high fell short of the falling 100 and 200 hour moving averages near $92.60, and price sits back below the broken 38.2% retracement level at $91.68. Staying below those levels keeps sellers in play.
On the downside, the next key support target sits near swing-low levels of $88.73.
Source: investingLive
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