WTI and Brent Crude Oil Markets Tumble Amid Ongoing US-Iran Tensions
The WTI and Brent crude oil markets have retreated due to ongoing tensions between the US and Iran, prompting investors to watch key support levels. On Tuesday, prices fell significantly after a brief rally attempt. The market is currently reacting to the possibility of US-Iran talks at the UN in the coming days.
According to technical analysis, WTI's $85 support level and Brent's $95 area are under scrutiny. The 50-day EMA for both markets is attempting to hold as support around $90 for WTI and below the $100 level for Brent.
The Iranian president is set to speak at the UN on Wednesday, followed by US President Trump's address on Thursday. This may lead to another day of market volatility. Analysts are cautious about expecting a solution from these talks.