WTI Oil Price Holds Firm Amid Ongoing US-Iran Tensions

The ongoing tensions between the US and Iran continue to fuel supply concerns, keeping crude oil prices elevated. The standoff over restoring safe navigation through the Strait of Hormuz has led to a flurry of diplomatic activity, with President Donald Trump vowing to unleash 'the most crushing economic operation' against Iran.

Iran's Houthi militant group has claimed to have targeted eight Saudi oil tankers since late July, further raising regional conflict risks. Meanwhile, Vice President JD Vance emphasized that economic pressure is the US's most effective tool against Iran.

The WTI crude oil price remains above key support levels, with bulls retaining control north of $85.02. Immediate resistance lies at $88.14, while initial support is seen at $85.02, followed by deeper floors at $80.65 and lower Fibonacci anchors at $77.94 and $73.56.