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Where is oil headed amid escalating events

Technical Analysis
By Ahmed Ashraf
Where is oil headed amid escalating events
0 3

USOIL

النفط الخام 17-6-2025

Oil is trading above the support area of $70, and prices are likely to move sideways between the aforementioned support and the resistance area of $73 in today’s trading.

Support

 70​ 68 66.25​
Resistance 73 75.25​

–

Oil prices experienced strong fluctuations today due to tensions in the Middle East and the potential closure of the Strait of Hormuz. At the start of the session, prices rose by more than 2% amid concerns that the tensions could affect oil supplies. However, calm later returned to the markets, and prices gave back some of their gains, with Brent closing nearly flat at around  $74 and West Texas Intermediate at about $72.

Traders are currently awaiting further developments in the region to gauge the future direction of prices. If tensions escalate and disrupt oil supplies, prices may rise toward $80–100. But if stability returns, prices are expected to stabilize within the $60-70 range in the near term.

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Ahmed Ashraf

Technical Analyst & Economic Researcher at LDN Global Markets

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