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Straits of Hormuz Show New Developments—What’s the Impact on Oil Prices?

Oil prices surged, and countless investors flooded into the crude futures market. Right now, everyone's most concerned about the movements in the Strait of Hormuz. Today afternoon, new reports emerged. According to the latest from Bloomberg, a French container ship sent a signal indicating it has exited the Strait of Hormuz. Previously, on April 2nd, UK Foreign Secretary Cooper hosted an online meeting involving about 40 countries to discuss ways to restore navigation through the Strait of Hormuz, exploring "all feasible diplomatic and political measures" to form an "international alliance" aimed at reopening the strait. Countries participating in the meeting included France, Germany, Italy, the Netherlands, Canada, Australia, and others.

Impact on Crude Oil Prices—Take Profits Carefully, Don’t Blindly FOMO

The joint pressure from 40 countries including the UK, France, Germany, and others on Iran should have a significant effect. After all, no country would be foolish enough to oppose the entire world. If there’s an expectation of improved navigation in the Strait of Hormuz, it would undoubtedly be a major blow to high oil prices. So even though oil prices saw a big jump this week, don’t blindly FOMO. News is constantly changing. Just last week, I advised my family to go long on crude at $98. The market was optimistic about US-Iran talks and a drop in oil prices, but within a few days, the situation turned 360 degrees. News is always evolving, and so is market sentiment.

Therefore, it’s wise to take profits on crude. My plan is to close long positions near the previous high of $118-120. As I always say, only earn what you understand. Wishing everyone daily prosperity! $BTC $ETH $STO