WTI advances above $92.00, highest since July as Hormuz tensions stoke supply concerns
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts follow-through buying for the second straight day and climbs to its highest level since July 23 during the early part of the European session on Tuesday.
WTI crude oil prices surged past $92.00 for the first time since July, driven by heightened concerns over tensions between the United States and Iran. This development came after U.S. forces targeted three Iranian oil tankers following a ballistic missile strike on two U.S. Navy vessels. Analysts suggest that the geopolitical risks associated with the Middle East crisis are contributing to the oil price increase.
Iran has threatened retaliation against any further U.S. attacks, warning that oil infrastructure in the Gulf is at risk. This has led to fears of a prolonged disruption to oil supplies. Technical indicators indicate a bullish near-term outlook for WTI, with the price holding above the 100-day Simple Moving Average and remaining within a positive Fibonacci retracement range.
However, support levels are currently found near the 50% retracement and the 100-day SMA, with a potential downside breakout exposing higher resistance levels.
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