WTI flatlines near $84.00 as Trump rejects truce extension
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $84.00 during the early Asian trading hours on Tuesday. WTI steadies as traders continue to assess the developments surrounding Middle East conflicts.
West Texas Intermediate (WTI) oil prices remained relatively stable near $84.00 as traders evaluated the implications of the United States and Iran's decision to not extend an existing Memorandum of Understanding (MoU). The United States and Iran had previously agreed in June to end their conflict, but President Donald Trump has expressed no interest in renewing the agreement.
Trump emphasized that Washington holds leverage over Iran due to the naval blockade imposed on Iranian ports, suggesting a potential declaration of the area as a territory. Meanwhile, Iran's Foreign Ministry spokesman warned that the country is prepared to escalate tensions in the Strait of Hormuz and the wider region if necessary.
Traders are waiting for the release of the American Petroleum Institute (API) weekly crude oil report, which could provide insight into market demand and influence WTI prices. Technical analysis indicates that WTI is trading below the 100-day Simple Moving Average and above the 20-day SMA middle band, suggesting some demand but a broader market still influenced by longer-term averages.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
