It's been like something out of a movie this month.
I'd call the movie something like "The Return of the Tanker Wars".
If you're old enough, you'll remember the 80s, when the oil tankers were targeted by US warships in the fight against Iran.
Fast forward to today and already this year, we've seen six oil tankers that have been attacked in the Gulf of Oman and now near the U.A.E.
If you look at the video footage and photographs, you'll see fire and smoke erupting from these ships.
The most recent two attacks in June, have occurred close to the Strait of Hormuz, the narrow sea passage from the Persian Gulf to the Indian Ocean.
To spice things up, no-one has yet claimed responsibility for the sabotages, except the U.S official who said Iran was "highly likely" to be behind these attacks.
And even though, Iran has insisted that they aren't to blame, in the past, they have warned that it could block the Strait of Hormuz which would cause a disruption on oil and gas tankers that travel out of the Gulf region to world export locations.
Here's what it means for the oil price and how you can profit.
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Battle ships between the US and Iran pumping the oil price up
Since the last two vessels were 'attacked' in the Gulf of Oman, oil prices have rallied up.
You see, these attacks have spiked fear of more attacks to come.
And because the US has blamed the attacks on Iran, this confrontation between these two arch-rivals has now escalated which could send the oil price even higher.
In fact, this conflict has already sent the oil price up over 4.5% to $62.64 per barrel.
And according to the charts, this is just the beginning of the rise.
Why I expect the oil price to rise to $74.00
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Looking at the above daily chart of Brent Crude, we've seen the oil price bounce up on a strong rising trendline (black line) since 15 January 2016.
Every time the price bounces on this level, it rises to new all-time high prices.
Take a look at the green arrows in the chart, to see what I mean.
Right now, it looks like Brent Crude is heading back to this significant support line once again. Once it touches, we can expect the oil price to rally to the first ceiling level target at $74.09.
Here are three ways to profit from oil
1. You can buy the Brent Crude CFDs and hold them until the target is reached.
You can wait for my SMS
as I wait for resource companies like Sasol, Exxaro, Anglo American that rise in price when oil goes up.
You can join Pick Pocket Trader
which will offer you offshore and international stock trading opportunities focussed on the rising oil price.
“Wisdom yields Wealth”
Analyst, Red Hot Storm Trader