WTI Price Jumps Amid US-Iran Tensions

The price of West Texas Intermediate (WTI) crude oil is building on its previous day's modest bounce from levels just below $77.00 and gaining traction in the Asian session.

This comes as tensions between the US and Iran remain high, with Iran denying any negotiations were taking place and President Donald Trump citing the resumption of bilateral talks to justify calling off attacks over the weekend.

The reported drone attacks on a US military base in Kuwait have also tempered hopes for a deal between the two nations.

From a technical perspective, the bearish gap opening on Monday stalled ahead of $76.60 confluence, comprising the 50.0% Fibonacci retracement level and the 200-period Simple Moving Average (SMA) on the 4-hour chart.