WTI Crude Stabilizes Above $89.00 Amid Ongoing Iran Tensions
The West Texas Intermediate (WTI) crude oil price remains above $89.00, despite struggling to gain momentum in the current session. This stability is attributed to ongoing US-Iran tensions over the Strait of Hormuz, which continues to fuel a geopolitical risk premium.
Techincally speaking, WTI prices maintain a bullish bias above the 100-day Simple Moving Average (SMA) at $85.10 and the 50.0% Fibonacci retracement at $86.86. Momentum indicators also remain constructive, with the Relative Strength Index (14) hovering near 62 and the Moving Average Convergence Divergence (MACD) above zero with a positive reading.
A potential upside resistance emerges at the 61.8% Fibonacci retracement at $91.58, which could trigger additional gains if cleared decisively. The next relevant hurdle is pegged at the 78.6% retracement near $98.31 and the cycle high anchored at $106.87.