WTI Crude Oil Price Hits Two-Week High Amid Geopolitical Tensions

The West Texas Intermediate (WTI) crude oil price has hit an over two-week high and is currently trading around $84.20, marking a bullish consolidation phase.

This upward movement can be attributed to geopolitical tensions surrounding the US-Iran standoff over the Strait of Hormuz, which continues to act as a tailwind for the black liquid.

From a technical perspective, WTI is maintaining a near-term bullish bias above the 38.2% Fibonacci retracement level of its July-August slide.

The Relative Strength Index (RSI) is around 56, and the Moving Average Convergence Divergence (MACD) is above zero and edging higher, supporting the case for a further near-term appreciating move.