The barrel price of Brent oil, which rose to $73.28 yesterday, finished the day at $71. The barrel price of Brent oil decreased by approximately 0.25 percent compared to the closing time at 09.48 today, reaching 70.82 dollars. At the same hour, West Texas Intermediate (WTI) crude oil was sold at $67.21 per barrel.
The decline in prices was due to the decrease in geopolitical risk perception in global markets after Israel did not target its oil and nuclear facilities in its air strike on Iran.
Concerns that any Israeli attack on Iran’s energy infrastructure would rapidly escalate tensions in the region have been increasing oil prices for a while. However, the fact that Israel’s “retaliation” against Iran was lighter than expected and did not affect its oil and nuclear facilities supported the decline in prices.
Israel had announced that it launched an attack on military targets in Iran on October 26 as “retaliation” for Iran’s missile attacks on October 1, and that the attack was completed “successfully”. Iran, on the other hand, announced that some military points were targeted and that its air defense systems “successfully” resisted the attacks, but “limited damage” occurred at some points.
Iranian President Massoud Pezeshkian said that they did not want war, but they would protect their rights and respond appropriately to Israel’s aggression.
On the other hand, the appreciation of the US dollar against other currencies due to the upcoming US elections is also effective in the decline in oil prices. In general, a strong US dollar makes oil more expensive for buyers, causing purchases to decrease.
It is stated that technically, in Brent oil, $ 72.74 can be watched as resistance and $ 70.64 can be watched as support.
