Oil Prices Trade Flat as Hormuz Crisis Uncertainty Persists

Oil prices are trading in a narrow range as uncertainty continues in the Strait of Hormuz. Technical indicators show the RSI is neutral at 50, while the MACD remains below its signal line. The price is trading just below the 20-day moving average (107.24), creating a short-term resistance level. Geopolitical risks could support prices, but the current technical picture does not indicate a clear direction. Therefore, a sideways trend is expected in the short term.

Oil prices are trading sideways, with uncertainty in the Strait of Hormuz providing some support but not enough to establish a clear direction. Technical indicators are sending mixed signals: the RSI is neutral at 51, the MACD is below its signal line, and the price is trading below the 20-day moving average. In the short term, oil prices are expected to fluctuate within the current range. Geopolitical risks and supply concerns could trigger a potential upside move, but for now, there is no clear catalyst.

Although XOM shares have risen 3.18% in the last 24 hours, the RSI at 60.65 has not yet approached overbought territory. The MACD line is above the signal line and in positive territory, supporting short-term upward momentum. However, flat oil prices and uncertainty surrounding the Hormuz crisis make it difficult to determine a clear direction for the energy sector. While technical indicators provide mildly positive signals, upside movement is expected to remain limited in the near term due to geopolitical risks and sideways oil prices.

Although CVX shares rose 1.95% in the last session, the RSI at 56 remains in neutral territory, and the MACD has only recently crossed above its signal line. Horizontal movement in oil prices and uncertainty in the Strait of Hormuz are not providing a clear direction for energy stocks. Technically, while the stock holds above the 20-day moving average (184.22), the 50-day moving average (186.34) stands out as a resistance level. In the short term, a sideways trend can be expected due to geopolitical risks and uncertainty in oil prices.