Commodities
Brent Stagnation May Be Calm Before Oil Price Storm
The Brent crude oil price has stagnated this week as investors assess the impact of the closure of the East-to-West pipeline on global supplies.
Brent, the global benchmark, was trading at $105.68, slightly below this month's high of $109.96.
A highly bullish pattern is forming, which may lead to a strong breakout.
The situation is more complicated than officials are implying, with even after repairs, the terminal may come under attack again.
President Donald Trump has warned that the US-Iran war will end after the midterm elections in November, meaning the Strait of Hormuz will continue to be closed by Iran and the US, affecting millions of barrels of oil.