Iranian Foreign Minister denies report of direct communication with US envoy Witkoff

💡 DMK Insight

Iran’s Foreign Minister revealing the timing of his last contact with the US envoy is a significant indicator of the geopolitical tensions affecting oil markets. With the US military strike on February 28 still fresh in traders’ minds, this statement could lead to increased volatility in oil prices, especially if tensions escalate further. Traders should keep an eye on the geopolitical landscape, as any additional military actions or diplomatic breakthroughs could impact supply chains and pricing. If tensions rise, we might see oil prices testing key resistance levels, which could trigger short-term trading opportunities. Conversely, if diplomatic efforts gain traction, we could see a pullback in oil prices, creating a potential buying opportunity for swing traders. Watch for any further statements from both US and Iranian officials, as they could provide critical insights into market direction. Additionally, monitor oil futures closely for any signs of breakout or reversal patterns in the coming days.