WTI struggles to hold above $90 despite material supply risks
West Texas Intermediate (WTI), futures on NYMEX, turns upside down to near $89.50 during the European trading session on Monday.
West Texas Intermediate (WTI) struggled to remain above $90 despite supply risks due to tensions between the United States and Iran. Iran attacked three oil tankers near the Strait of Hormuz in retaliation for the US attacking Iranian tankers, causing concerns over disruptions to Middle East energy flows. ING strategists noted that the oil market remains supported due to ongoing geopolitical risks in the Persian Gulf.
OPEC+ maintained oil output policy unchanged for October as they review 2027 quota baselines. Analysts at Danske Bank cautioned that OPEC+'s ability to steer supply and prices is limited as long as the Iran conflict continues to disrupt flows through the Strait of Hormuz. WTI US Oil traded at $89.74, with a bullish near-term bias supported by technical indicators.
The immediate support is at the recent price pivot near $89.74, while resistance lies at $91.09 and an almost three-month high at $92.25.
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