WTI Crude Oil Soars to $86 Amid Escalating US-Iran Tensions
West Texas Intermediate (WTI) crude oil prices surged to $86 as tensions between the US and Iran continue to escalate. The recent strike by US forces on Iranian soil has fueled supply concerns, prompting buyers to step in for the second straight day.
The fundamental backdrop remains supportive, with geopolitical risk premiums continuing to drive up prices. From a technical perspective, WTI holds comfortably above the 38.2% Fibonacci retracement at $82.60, while the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) suggest underlying buying interest.
Immediate resistance is pegged at the 50.0% retracement at $87.30, followed by a more substantial barrier at the 61.8% level at $92.01. A daily close above $87.30 would open the way for a test of higher retracement hurdles.