- Stephen Dainton, head of investment bank management at Barclays, said to Bloomberg that the retreat in Oil might be taking place this Friday with markets digesting the headlines, though, from now on Oil will trade in a higher range and might not slide back below $80 anytime soon
- The US Embassy in Jerusalem has issued a security alert for government officials and their families, according to Reuters.
- Iran’s communication via state television appears to be downplaying the situation, downsizing the attacks to just a few minor blasts. The New York Times, though, mentioned three Iranian officials saying that a military air base near the city of Isfahan was hit by the attack.
- Meanwhile, Israel Minister President Benjamin Netanyahu faces criticism from his National Security Minister Itamar Ben Gvir, who said in a tweet that the attack was a “weak” attempt.
Oil Technical Analysis: Initial easing before next step higher
Oil prices rallied over 4% on the back of the headlines coming from the Middle East in early morning trading on Friday. Expect to see some easing throughout this Friday if markets assume the response from Israel was contained and Iran keeps its head cool and does not retaliate. Still, markets are likely to remain very headline-sensitive until Iran officially communicates.
With geopolitical tensions lingering, the $83.34 and $90 handle should remain in grasp. One small barrier in the way is $89.64, the peak from October 20. In case of further escalating tensions, expect even September’s peak at $94 to become a possibility, and a fresh 18-month high could be on the cards.
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