We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
More View more

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.84% Gold: 0.31% Silver: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cCtIGXgMjw
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.67%, while traders in France 40 are at opposite extremes with 85.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/L97bbhVulc
  • $EURUSD Daily Pivot Points: S3: 1.0927 S2: 1.0982 S1: 1.1007 R1: 1.1063 R2: 1.1094 R3: 1.1149 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • With the EU-UK #Brexit negotiations ongoing and no certain path to an amicable resolution, the @bankofengland has warned that it may cut rates soon. Where is $GBUSD heading? Get your market update from @CVecchioFX here: https://t.co/CKPGqolOAR https://t.co/E7dGEiKVYP
  • US Equities Update (Thursday Close): $DJI -0.19% $SPX -0.04% $NDX +0.17% $RTY -0.40% $VIX +0.79%
  • As I listen to music while analyzing, I remind myself that: SRV > Jimi #ControversialViews
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.00% US 500: 0.00% Germany 30: -0.15% France 40: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2Z0eNA1wrH
  • What is the biggest obstacle a trader needs to overcome to be successful? Find out from @JWagnerFXTrader here: https://t.co/Etyg8e0H6b #FOMOintrading https://t.co/up9B5DLg37
  • The New York #Fed trading desk will continue repo operations for fourth consecutive day $DXY
  • US House passes vote threshold to pass government funding stopgap bill $DXY
Crude Oil Extends Gains, Iran Threatens to Close Major Oil Chokepoint

Crude Oil Extends Gains, Iran Threatens to Close Major Oil Chokepoint

2019-04-23 08:00:00
Justin McQueen, Analyst

Oil Price Analysis and News

  • US to End Iranian Oil Waivers, Crude Oil Surges
  • OPEC Deal Extension in Doubt

US to End Iranian Oil Waivers, Crude Oil Surges

Yesterday saw a somewhat surprising announcement by the US to end all waivers on imports of Iranian oil, which in turn saw crude oil futures surge to fresh 6-month highs with WTI topping $65/bbl and Brent crude above $74/bbl amid fears of a potential supply crunch. Alongside this, tensions between the US and Iran are set to rise as a result with Iran already threatening to close the world’s most important oil chokepoint, the Strait of Hormuz, which sees 20% of the world’s oil flow through. If indeed the Strait of Hormuz were to be closed, this could take oil prices to unprecedented levels.

OPEC Deal Extension in Doubt

In response to the announcement by the US, Saudi Arabia stated that they would ensure that the oil market is well balanced and stable, suggesting that they would make up for the shortfall in supply if oil prices continue to spike higher. Given that Saudi Arabia are producing around 9.9mbpd, they have enough spare capacity to offset the expected decline in Iranian exports, which in turn will make it difficult to argue an extension to the current OPEC deal and could potentially limit gains in the longer run. As a reminder, under the OPEC deal, Saudi Arabia had a target of 10.3mbpd.

Related Articles

Crude Oil Bulls Remain in Control – April 12th


Crude Oil

With the break above the 61.8% Fib level, eyes are on for a test of the $78 handle as rising geopolitical tensions continues to underpin oil prices. Initial resistance resides at the psychological $75/bbl mark.

Oil Impact on FX

Net Oil Importers: These countries tend to be worse off when the price of oil rises. This includes, KRW, ZAR, INR, TRY, EUR, CNY, IDR, JPY

Net Oil Exporters: These counties tend to benefit when the price of oil rises. This includes RUB, CAD, MXN, NOK.

Recommended Reading

What Traders Need to Know When Trading the Oil Market

Important Difference Between WTI and Brent

Crude oil facts

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.