Analysis Market overview

BRENT overview 05.08.2021

Oil rises on Middle East tensions.

Oil rising today – against the previous sharp downward price impulse – under the effect of the rising Middle East tensions after Israeli jets struck rocket launch sites in Lebanon early on Thursday in response to two rockets fired towards Israel from Lebanese territory, in an escalation of cross-border hostilities amid heightened tensions with Iran. The exchange came after an attack on a tanker off the coast of Oman last Thursday, which Israel blamed on Iran. Iran denied any involvement. Asked if Israel was prepared to strike Iran, Israeli Defence Minister Benny Gantz told YNet news on Thursday “yes.” This is countering the earlier optimism about the return of Iranian oil to the global oil markets and weaking oil bears.

Expect buyers on downward corrections.

Next resistance to watch – 70,93

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