Iran Expands Control in Strait of Hormuz, Maritime Traffic Retreats

Tensions in the Strait of Hormuz are increasing risks to oil supply, potentially pushing Brent prices higher. Technical indicators present a neutral picture; the RSI is balanced at 51, and the MACD is below zero but close to crossing above its signal line. In the short term, news flow may outweigh the technical outlook, but for the rally to be sustainable, the 101.30 resistance level needs to be breached. Therefore, I expect a cautious uptrend.

Geopolitical tensions in the Strait of Hormuz are increasing risks to oil supply, potentially pushing prices higher in the short term. Technically, the RSI is neutral at 50, while the MACD is above zero and above its signal line, presenting a positive outlook. The price is trading above the 20- and 50-day moving averages, supporting an upward trend. However, a 2.3% decline in the last 24 hours may indicate short-term profit-taking. Overall, supply concerns driven by the news, combined with the technical structure, suggest an upward move can be expected.

Geopolitical tensions in the Strait of Hormuz are increasing risks to oil supply, which could pressure energy stocks such as XOM. Technical indicators already present a weak outlook: the RSI is approaching oversold territory at 32.8, while the price is trading below both the 20-day (146.12) and 50-day (150.72) moving averages. The MACD line is below the signal line and in negative territory, confirming short-term downside momentum. Although the sharp 6.8% decline over the past 24 hours has partially priced in the impact of the news, selling pressure may persist as uncertainty continues. A short-term recovery appears unlikely, though oversold conditions could limit the pace of further declines.

Although geopolitical tensions in the Strait of Hormuz have pushed oil prices higher, Chevron (CVX) shares fell 6.1% in the last 24 hours. The RSI is approaching oversold territory at 34.5, while the MACD remains below the signal line and in negative territory. The price is trading below both the 20-day (182.64) and 50-day (188.21) moving averages. While geopolitical risks create short-term uncertainty, technical indicators point to weakness. Therefore, the downtrend is expected to persist for some time.