WTI Crude Oil Prices Soar Amid Ongoing US-Iran Tensions

The price of West Texas Intermediate (WTI) crude oil remains bullish due to ongoing tensions between the US and Iran. The geopolitical risk premium is in play as clashes over the Strait of Hormuz continue to fuel supply concerns.

Despite trading below $90.00, WTI has been on a steady uptrend since mid-July, with its price reaching its highest level since July 24 earlier this week. The US-Iran hostilities have contributed to a surge in crude oil prices, with the commodity registering its steepest weekly gains since mid-July.

The technical setup also supports the bullish bias, with WTI holding above the 50% Fibonacci retracement level of the April-July decline and the 100-day Simple Moving Average (SMA). Constructive momentum indicators, such as the Relative Strength Index (14) and Moving Average Convergence Divergence (MACD), suggest a firm underlying floor after the latest advance.