WTI Oil Rises 7% Amid Ongoing Middle East Tensions

West Texas Intermediate (WTI) oil prices have been volatile in recent days due to ongoing tensions in the Middle East.

On Tuesday, WTI traded around $82.13, up more than 7% from the start of the week.

The price action was influenced by headlines from Qatar and Iran, where talks on reopening the Strait of Hormuz have reached an advanced stage.

However, a resumption of shipping through the strait appears unlikely in the near term, with Iran insisting that the waterway will remain closed unless certain conditions are met.

In particular, Tehran wants the US to lift sanctions, release frozen Iranian assets, end military threats, remove its naval blockade, and pay war reparations.

Despite this backdrop of geopolitical risk, the technical picture for WTI remains bullish, with prices holding above the 21-day Simple Moving Average (SMA) at $81.