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Updated · Reuters · Jun 18Brent Crude Hits $77.75 3-Month Low as U.S.-Iran Ceasefire Triggers 9% Weekly Drop
3 articles · Updated · Reuters · Jun 18Summary
- Brent crude fell to $77.75 on Wednesday, its lowest in three months, after the U.S.-Iran ceasefire helped drive a drop of more than 9% this week.
- The selloff broke through support at $86.09 and $79.46, a technical signal that sellers remain in control and prices could keep sliding.
- The next downside target is $74.78, while the 10-week moving average at $97.02 is acting as resistance and capping any rebound.
- A recovery would need Brent to climb back above $97.02; until then, the chart points to further weakness despite likely volatility.
Insights
Is the oil price crash premature, given the months of dangerous demining required in the Strait of Hormuz? Beyond this temporary truce, can a lasting peace be built while core U.S.-Iran nuclear disputes remain unresolved?