Crude oil price pared some of its gains following ambiguous remarks from U.S. President Donald Trump regarding potential U.S. involvement in the ongoing Israel-Iran conflict. It hits an high of $75.70 and currently trading around $73.23.
At present, the White House has clarified that immediate military engagement with Iran is not currently on the agenda. President Donald Trump is reportedly taking up to two weeks to determine whether direct military intervention will be pursued. Press Secretary Karoline Leavitt has indicated that this decision largely depends on the potential for meaningful negotiations with Tehran in the near future, while reiterating that all possible strategies are still being considered. Although there have been discussions regarding operational plans and military readiness as precautionary measures, no definitive directive for a strike has been given. The administration continues to emphasize the prioritization of diplomatic efforts at this stage.
Price Resistance and Support Levels
The near-term resistance is around $73.50; any breach above this level could push prices higher to $74.30/$75/$76.07/$78. On the downside, immediate support is at $73 violation below targets $72.30/$70.65/$69.60/$68.60/$66.65/$65.
It is good to buy on dips around $73 with a stop-loss around $71.80 and a target price of $76/77.
