WTI remains broadly firm around $90 as oil shipments through Hormuz remain restricted

West Texas Intermediate (WTI) oil prices have stabilized around $90 after reaching the $90 mark, as supply from the Strait of Hormuz remains restricted due to conflicts in the Middle East. This week, only four vessels sailed through the Strait, down from 10 vessels the previous day, compared to an average of about 13 vessels over the past 10 days.

The ongoing exchange of attacks between the United States and Iran near the Strait has limited oil supply. In response, the US launched airstrikes on Iranian military targets, aiming to neutralize them before placing mines around the strategic waterway. Iran retaliated by attacking US bases in Jordan and warning of further military aggression.

Despite this, US President Donald Trump suggested the renewed attacks wouldn't last "too long." WTI futures on NYMEX currently trade at $88.86, with a bullish near-term bias as it remains above the 20-period Exponential Moving Average ($84.25). The Relative Strength Index (14) stands at 61.69, suggesting firm yet not overstretched bullish momentum.

Technical analysis indicates that as long as WTI holds above the 20-period EMA, the broader uptrend is likely to continue, with dips toward the EMA attracting renewed demand.