WTI Crude Oil Price Surges Amid Escalating Tensions with Iran
The West Texas Intermediate (WTI) crude oil price has opened with a bullish gap on Monday, following further escalation of tensions between the US and Iran. This comes after Iran-backed Houthi fighters in Yemen said they used drones and missiles to attack a military base in southern Saudi Arabia.
The recent breakout through the 100-day Simple Moving Average (SMA) at $85.38 and the 61.8% Fibonacci retracement at $95.48 has favored bullish traders. Any corrective pullback is likely to find decent support near the $95.50 area.
The WTI price currently trades above mid-$98.00s, up over 2% for the day, and seems poised to climb further amid persistent geopolitical uncertainties stemming from the Middle East crisis. The Moving Average Convergence Divergence (MACD) is in positive territory with the line still elevated, while the Relative Strength Index (RSI) hovers near 69, hinting at strong but increasingly stretched upside momentum.