WTI Oil reverses course as Iran, Oman move closer on Hormuz talks
West Texas Intermediate (WTI) US Oil retreats on Tuesday, trading around $80.40 at the time of writing, down 1.28% on the day. The US benchmark gives back its previous gains after Qatar reported progress in negotiations between Iran and Oman regarding the Strait of Hormuz.
West Texas Intermediate (WTI) oil prices retreated on Tuesday, settling around $80.40 per barrel, marking a 1.28% decline for the day. This shift follows Qatar's report of progress in Iran and Oman's talks concerning the Strait of Hormuz. According to Qatar's Foreign Ministry, the negotiations are at a critical stage, with the ministry spokesperson, Majed al-Ansari, emphasizing support for efforts to de-escalate tensions in the region.
Qatar has also received positive feedback from both Iran and Oman, further fueling hopes for restored maritime traffic and reducing geopolitical risk in oil prices. The recent pullback from overbought territory is evident in WTI's price, which now trades above both the 100-period simple moving average ($77.27) and the 200-period SMA ($78.83).
Initial support can be found at the psychological $80.00 level, with additional support levels at the 200-period SMA ($78.83) and the 100-period SMA ($77.27). If the price breaks above the recent highs, resistance is anticipated at $83.57, followed by a more significant barrier at $84.50.
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