Iran Denies Claims That Strait of Hormuz Will Reopen

Iran's denial of claims that the Strait of Hormuz would be opened could increase the geopolitical risk premium and support oil prices. Technical indicators also support this view; RSI is in neutral territory at 56, MACD is above the signal line, and the price is above SMA20 and SMA50. An upward movement can be expected in the short term, but caution should be exercised due to the possibility that the news has already been priced in and the risk of excessive volatility. Support is around 89.8 (SMA50), while resistance can be monitored in the 90.5-91.0 range.

The news keeps the possibility of Iran closing the Strait of Hormuz on the agenda, increasing the geopolitical risk premium. On the technical indicators, RSI is in neutral territory around 55, MACD is positive, and prices are trading above the SMA20. In the short term, this news could support the current uptrend, but no excessive movement should be expected. The market may keep pricing limited without a more concrete development such as a complete closure of the strait.

The news indicates ongoing geopolitical risk, which could exert upward pressure on oil prices. XOM shares have risen 1.4% in the last 24 hours, with an RSI of 51 in neutral territory, suggesting short-term buying potential. The MACD is negative but close to the signal line, indicating that momentum is tending to turn positive, albeit weakly. The price is just below the SMA20 and SMA50, and these levels should be monitored as resistance. Overall, the news flow and technical indicators support a limited upside in the short term, but for a strong signal, the price needs to break above these moving averages.

The news that Iran has denied claims it would close the Strait of Hormuz increases geopolitical risks and could support oil prices. CVX shares have risen 4.4% in the last 24 hours, and while the RSI at 70 indicates overbought conditions, the MACD remains positive and above the signal line. In the short term, interest in the energy sector and the news flow could push the stock higher, but overbought conditions may limit the pace of the advance. Therefore, while the direction is upward, the confidence level is maintained at moderate.