FX.co ★ CL/Crude Oil

Hello traders, The price of oil #CL has formed a significant northern gap. It's not surprising to see such a trading start, considering the outcomes of the negotiations between the US and Iran. Today marks the beginning of the blockade of the Strait of Hormuz, and how oil tankers will continue to navigate remains a matter of speculation. Currently, trading is near the local resistance level of 105.00. It's worth noting that last week closed near the round support of 95.00. If we break through the current resistance, we may move towards the next round level of $110 per barrel. If the states manage to establish a normal passage for ships in the strait, I expect a resumption of the price decline.