WTI Crude Oil Prices Slide Below $92 as Supply Concerns Ease

West Texas Intermediate (WTI) crude oil prices slipped below $92 on Friday as supply concerns eased following reports of US and Iran negotiators exploring a phased path out of their conflict.

The development, which would involve Tehran reopening the Strait of Hormuz in exchange for Washington lifting its economic blockade of Iran, helped turn the market sentiment positive.

However, geopolitical risks remain elevated due to a Houthi missile attack on Saudi Arabia, which could act as a tailwind for crude oil prices.

From a technical perspective, WTI crude oil prices maintain a constructive near-term tone above the 200-period Simple Moving Average (SMA) support at $88.99 and the 38.2% Fibonacci retracement level of the July-September rally at $88.59.