Crude oil consolidates as traders await fresh Israel-Iran developments | Forexlive

After the initial surge in prices at the start of the conflict, the fears in the market eased given the lack of supply impairment. Most of the Friday’s gains got erased and traders are now just monitoring the situation awaiting fresh developments.

In the bigger picture, the conflict can go on without much impact on markets as long as oil supply is not impaired. Nonetheless, more de-escalation should see prices ease further, perhaps erasing completely last week’s rally.

In the bigger picture, although we might continue to stay in the 60-90 price range, positive global growth impulse from central bank easing, increased fiscal spending and so on, should keep oil prices supported.

On the 1 hour chart, we can see that the price broke below the key 72.00 zone and consolidated just beneath it. This is where the sellers will likely step in with a defined risk above the 72.00 zone to target a correction back into the 65.00 handle. The buyers, on the other hand, will look for a break higher to increase the bullish bets into new highs

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