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Predicts that oil prices will drop back to or below previous levelsChina has not responded to the blockade on the Strait of HormuzIf Iran doesn’t agree to give up nuclear weapons, there will be no dealIran will not have nuclear weaponsThe headline comment is pretty much a rehash of what he had to say overnight. That being: “I view it (the war) as very close to over. If I pulled up stakes right now, it would take them 20 years to rebuild that country. And we’re not finished. We’ll see what happens. I think they want to make a deal very badly.”He also earlier in the day went on to say that he isn’t thinking about extending the ceasefire period, as he does not believe that it will be necessary to do so. That before giving markets much hope in saying that: “I think you’re going to be watching an amazing two days ahead. I really do.”For now, the optimistic backdrop is set in place as we await the next round of negotiations on Thursday.Markets are not building further from the overnight rally, with S&P 500 futures more tepid today and down by 0.1% currently. In the major currencies space, the dollar is keeping more mixed across the board. That being said, the changes are relatively light among dollar pairs. EUR/USD is down 0.1% to 1.1780 while USD/JPY is up 0.1% to 158.95 and AUD/USD up 0.2% to 0.7138 at the moment.
This article was written by Justin Low at investinglive.com.
💡 DMK Insight
Oil prices are under pressure as predictions suggest a drop back to previous levels, primarily due to geopolitical tensions and market sentiment. With China remaining silent on the blockade in the Strait of Hormuz, traders should be wary of potential supply disruptions that could impact prices. If Iran continues to resist nuclear negotiations, the likelihood of a deal diminishes, which could further destabilize the region and affect oil supply. Traders need to keep an eye on key technical levels for crude oil; if prices break below recent support levels, it could trigger a wave of selling. The broader context here is that any escalation in tensions could lead to volatility, but right now, the market seems to be pricing in a more stable scenario. Watch for any news from Iran or changes in China’s stance, as these could serve as catalysts for price movements. Additionally, monitor the correlation with related assets like energy stocks, which may react to shifts in oil prices.
📮 Takeaway
Watch for oil prices breaking key support levels; geopolitical developments with Iran and China could trigger significant volatility.
