WTI Price Forecast: Bulls retain control above $90.50, near July high amid Iran tensions
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – kicks off the new week on a positive note amid escalating US-Iran confrontations in the Strait of Hormuz and climbs back above mid-$90.00s during the Asian session.
WTI Crude Oil prices opened favorably this week, as geopolitical tensions between the United States and Iran fueled speculation of elevated demand. The benchmark price has surged past mid-$90.00 and is now nearing its July high, suggesting a potential climb further upward. Recent events, including US strikes on Iranian tankers and Iranian retaliation against six vessels, added to concerns over the security of shipping through the critical Strait of Hormuz.
Technical indicators indicate a strong bullish trend for WTI, with the 100-day Simple Moving Average and the 50% Fibonacci retracement acting as support. Momentum indicators like the Relative Strength Index and the MACD histogram also support this upward momentum. Resistance levels are identified at the 61.8% Fibonacci retracement near $91.73, followed by $98.48 and the recent swing high around $107.07.
Conversely, support is provided by the 50% retracement at $86.99 and the 100-day SMA, with a deeper support level at $82.26. As long as WTI maintains its current position above this support band, downward price corrections would be considered short-term pullbacks within the broader uptrend.
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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