WTI consolidates around $86.00; bulls potential intact amid US-Iran impasse
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – oscillates in a range around the $86.00 mark during the Asian session on Friday and remains well within striking distance of a three-week high, touched the previous day.
West Texas Intermediate (WTI) crude oil prices hover around $86.00 during the Asian session on Friday, close to a three-week high. The commodity remains in a supportive fundamental environment, with tensions between the US and Iran heightening the risk premium in the market. This geopolitical impasse fuels concerns over supply disruptions and has the potential to lift crude oil prices further.
President Donald Trump has pledged to take "the most crushing economic operation" against Iran, while Vice President JD Vance emphasizes economic pressure as the most effective tool against Tehran. Despite these developments, bulls are cautious and waiting for fresh updates on the Middle East crisis. The broader fundamental backdrop, however, supports an upside trajectory for WTI, with recent gains likely to continue and any pullbacks expected to be limited.
The technical analysis shows bullish indicators above key support levels, including the 61.8% Fibonacci retracement and the 200-period Exponential Moving Average. Looking ahead, immediate resistance is expected at the 78.6% Fibonacci retracement, with further upside potential beyond the recent high of $92.11. On the downside, initial support is found at the 61.8% retracement, followed by the 50% level and the 200-period EMA.
The EIA weekly inventory reports and the OPEC decisions also influence WTI prices, with a weaker US Dollar potentially making oil more affordable.
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