Oil spikes on the tweet by Iran's foreign minister

Oil spikes on the tweet by Iran's foreign minister

The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.

On H4, Brent's price has tested the $65.2 level. If this level is broken, the next support will lie at $65.76. From the downside, the first support will lie at $63.46. After that, bears will pay attention to the $63 level.

Brent_OilH4.png

WTI has touched the resistance at $59.42. If it is broken, the next level will lie at $59.85. Bears will be focused on the downward movement to the $57.80 level (50-period SMA). The next support will lie at $57.2.

WTI_OilH4.png

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