WTI Price Surges to $93.00 as Geopolitical Tensions Persist

The price of West Texas Intermediate (WTI) crude oil has surged to the $93.00 neighborhood, driven by fresh buyers who have retained control above the 200-SMA support on the H4 chart.

This movement comes as traders await further developments surrounding the Middle East crisis, with mixed signals emanating from the region.

The US President Donald Trump has rejected a peace proposal from Iran to resolve their military conflict and reopen the Strait of Hormuz immediately, while denying reports that he offered Iran sanctions relief and the release of frozen funds in return for concrete Iranian steps regarding the nuclear program.

This keeps the geopolitical risk premium in place, continuing to act as a tailwind for crude oil prices.