LONDON - England - Oil is set to jump when the markets open soon due to the scary situation in the Strait of Hormuz.
Brent Crude closed on Friday at $92.694, and when the markets open, it will probably be much higher. With the US siege of the Strait of Hormuz and the Iranians halting all movement once again, plus some further acts of intimidation on ships, as well as talks being rejected in Pakistan, oil could reach as high as $160/170 very soon.
An Iranian ship called the Touska has just been seized by the Americans (unconfirmed report).
The oil markets have been very volatile with sharp moves in all directions due to the current situation, as well as disinformation, Trump comments and a plethora of false data being churned out.
If you use indicators or trade with bots, the best policy is to take them all off the charts because nothing works under the current situation, which in military terms is called a “clusterfuck“.
Any motorists who hoped for oil price drops will be out of luck for some time, it seems.
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