WTI advances above $82.00 as US-Iran deadlock supports prices
West Texas Intermediate (WTI) US Oil advances on Monday and trades around $82.10 at the time of writing, up 0.70% on the day. Oil prices remain supported by the deadlock between the United States (US) and Iran, which keeps concerns about Oil flows through the Strait of Hormuz elevated.
West Texas Intermediate (WTI) oil prices have surged above $82.00 following a deadlock between the United States and Iran, which has increased concerns about oil flows through the Strait of Hormuz. The ongoing talks between Washington and Tehran have stalled, with Iranian Foreign Minister Abbas Araghchi stating that no negotiations are currently taking place.
Tensions have escalated, with Iranian Deputy Foreign Minister Kazem Gharibabadi urging US President Donald Trump to accept the reality of defeat. Meanwhile, fighting in Lebanon has heightened geopolitical risks to energy supplies, further supporting WTI prices. Supply risks extend beyond the Middle East, as Russia faces fuel shortages due to attacks on its oil refineries.
The American Petroleum Institute's weekly Crude Oil inventory report, due on Tuesday, is expected to provide more clarity. Traders will also watch for additional US sanctions on Iran, which could have repercussions for the US economy. Technical analysis shows WTI trading at $82.13, above both the 100-period and 200-period SMAs, with bullish momentum indicated by the RSI.
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