WTI Price Forecast: Refreshes weekly high at $82.70 as oil supply uncertainty deepens
West Texas Intermediate (WTI), futures on NYMEX, trade 1.55% higher at around $82.70 during the European trading session on Tuesday, the highest level seen in over a week.
West Texas Intermediate (WTI) oil prices reached a weekly high of $82.70 during the European trading session on Tuesday as uncertainty surrounding the reopening of the Strait of Hormuz deepened. The price increase was fueled by remarks from US President Donald Trump demanding reparations for Iran's actions in Lebanon, Syria, Yemen, and Gaza.
Iran proposed various conditions for the Hormuz opening, including compensation for war damage, unfreezing Iranian assets, removal of the US naval blockade on Iranian ports, and lifting of sanctions. Investors await Iran and Oman's response to their proposed framework for managing traffic near Hormuz. WTI futures on NYMEX climbed 1.55% to approximately $82.70, holding above the 20-day exponential moving average at $79.76, indicating underlying demand remains strong.
Potential support lies at the 20-day EMA around $79.76, while the July 31 high at $85.11 and July 23 high at $92.25 are key resistance levels.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
