WTI Price Forecast: Needs decisive break above $85 for fresh advance

West Texas Intermediate (WTI) futures on NYMEX showed a 0.55% increase to approximately $84.80 during Wednesday's European trading session. The oil price remains resilient due to concerns over a prolonged energy supply disruption, as tensions between the United States and Iran persist regarding the reopening of the Strait of Hormuz.

President Donald Trump confirmed on Tuesday through Truth Social that the U.S. is not engaging in talks with Iran about the Hormuz opening, nor are any discussions scheduled. The blockade remains in effect, and the Strait is open and operating, with water mines removed or detonated. According to Kpler, only six cargo vessels crossed the strait on Tuesday, a significant decline from the previous day and below the 10-day daily average of 11 vessels, according to Reuters.

WTI US Oil is trading at $84.61, maintaining a bullish near-term outlook as it holds above the 20-day Exponential Moving Average (EMA) at $81.22. The Relative Strength Index (RSI) at 56.95 suggests continued upside pressure. To extend the rally, WTI needs to break decisively above $85, with $90.00 being the next significant hurdle.