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Crude oil price plunges as Iran seizes another tanker

Crude oil price plunges as Iran seizes another tanker

Crude oil price dropped after Iranian revolutionary guards seized an Iraqi oil tanker in the Gulf which they said was smuggling fuel amid heightened tension with the West.

5 August 2019, OctaFX – The price of crude oil declined today after Iran announced that it had captured a vessel in the Persian Gulf. The capture of the tanker, which was carrying more than 700,000 liters of oil, happened on Wednesday last week.

The Iranian Revolutionary Guard said that the vessel was captured for smuggling crude oil. The capture of the Iraq ship happened a day after the United Arab Emirates (UAE) officials traveled to Iran to discuss maritime border cooperation.

Crude oil price technical forecast

The XBRUSD pair declined to an intraday low of 60.90 after Iran announced it had captured a ship at the Strait of Hormuz. On the hourly chart, the price was below the 25-day and 50-day moving averages while the price was along the lower line of the Bollinger Bands. The RSI moved close to the oversold level. The pair will likely continue moving lower to test the support of 60.50.

Crude oil price plunges

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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