Oil rises after fire in Gulf of Oman.
Oil continues to rise today – after the price corrected down from the major resistance level 71.00 – after Iran’s largest navy ship the Kharg sank after catching fire in the Gulf of Oman. Iranan state TV said the fire on Iran’s highest-tonnage naval vessel started earlier today near the Iranian port of Jask. The Gulf of Oman connects to the Strait of Hormuz where about a fifth of the world’s oil passes – adding to concerns about oil delivery in the region and pushing the prices further. Oil is also pushed higher by the expectations of the increased demand on the reopening of the economies in the upcoming summer holidays period.
Next resistance to watch – 71.00
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