WTI Price Forecast: Eyes $80.00 amid US-Iran tensions and mixed technical setup
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – builds on the previous day's modest bounce from levels just below the mid-$77.00s and gains some follow-through positive traction during the Asian session on Tuesday.
West Texas Intermediate (WTI) crude oil prices surge past the $80.00 mark on Tuesday, driven by uncertainties surrounding US-Iran peace talks and a reported drone attack on a US military base in Kuwait. Technical analysis suggests that further gains may face resistance at the 38.2% Fibonacci retracement level at $82.64 and the 23.6% retracement near $86.32.
Meanwhile, WTI oil, known for its low gravity and sulfur content, is a high-quality benchmark for the global oil market, traded extensively on international markets. Factors affecting WTI's price include global growth, political instability, wars, sanctions, OPEC production decisions, the US Dollar's value, weekly oil inventory reports, and OPEC+ meetings.
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