Oil Price Outlook 

Oil Prices Stabilize as Focus Shifts to U.S.-Iran Diplomatic Efforts 

Oil prices remain generally stable as regional mediators in the Middle East seek to arrange a second round of talks between the United States and Iran. 

Significant obstacles remain, including the reopening of the Strait of Hormuz and concerns over Iran’s nuclear program, making markets highly sensitive to geopolitical developments.

Oil prices may have peaked despite ongoing tensions in the Middle East, although demand for crude oil still exceeds supply, and trade through the Strait of Hormuz must eventually return to normal to avoid a larger shock.

Oil from a Technical Perspective

Oil prices rose slightly near the $93 per barrel level, and any rise toward the $94 to $96 or even $101 per barrel levels is expected to present a good selling opportunity in the near and medium term.

To target the $87 and then $81 per barrel levels.