WTI Price Forecast: Climbs above $86.00 as 100-day SMA breakout comes into play
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts buyers for the second straight day on Tuesday as escalating US-Iran tensions and the standoff over the Strait of Hormuz continue to fuel supply concerns.
West Texas Intermediate (WTI) crude oil prices surged past $86.00 and broke above the 100-day Simple Moving Average (SMA) on Tuesday, driven by escalating tensions between the United States and Iran. This development came after the U.S. military struck Iranian assets in the Strait of Hormuz, a move that heightened geopolitical risks and further tightened supply concerns.
Technical indicators also supported the bullish outlook, with the MACD remaining positive and the Relative Strength Index (RSI) indicating continued buying pressure. Should WTI close above $87.30, it could subsequently challenge the next resistance levels at $98.71 and $107.25. Conversely, the 100-day SMA at $85.07 and the 38.2% Fibonacci retracement at $82.60 would provide key support on the downside.
Factors influencing WTI's price include global economic conditions, political instability, OPEC production decisions, and currency fluctuations, particularly the value of the US Dollar. The oil market displayed resilience despite recent consolidations and political uncertainties, with diesel futures showing a notable spike above $100 per barrel.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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