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Commodities

WTI Crude Oil Prices Stabilize Above $92 Amid Ongoing Middle East Tensions

Guavy AI Editorial Team
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Oil
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West Texas Intermediate (WTI) crude oil prices have continued to hover above $92 as market participants wait for further developments in the ongoing Middle East crisis. The US President Donald Trump's rejection of an Iranian proposal to reopen the Strait of Hormuz has added to the geopolitical risk premium, supporting crude oil prices.

The current price level is supported by a bullish near-term bias, with WTI trading above the 100-day Simple Moving Average (SMA) at $84.96 and reclaimed Fibonacci levels. However, traders are cautious about placing fresh bets until there is strong follow-through buying around crude oil prices.

The potential for additional military strikes on Iran remains a significant concern, with Trump stating that US negotiators will engage in further talks with Iran this week. This has fueled hopes for a diplomatic resolution to end the Iran war that started in February.

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Disclaimer: Guavy is a data and market intelligence provider, not an investment adviser. The information, signals, and market analysis provided by the Guavy API and related services are for informational purposes only and are not intended as financial advice, investment recommendations, or an endorsement of any particular trading strategy. Trading in volatile markets, including cryptocurrency, carries significant risk and may not be suitable for all investors. Past performance is not indicative of future results. Users should consult with a qualified financial professional before making any investment decisions. Guavy makes no guarantee of trading profits or financial returns.

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