WTI Prices Steady Near $77 Amid Middle East Tensions

WTI crude oil prices have stabilized near $77 per barrel after a sharp decline toward $75, according to Traders Union. The hourly chart shows that short-term moving averages are flattening, but WTI remains below the 100 and 200-period moving averages, indicating that the broader trend has yet to turn decisively higher.

A sustained move above $78.50 to $80 would strengthen the technical outlook, while a break below $75 could expose another leg lower. Middle East developments have revived geopolitical risk premiums in crude markets after Iranian media outlet Fars News reported a large-scale military operation by Yemen's Houthi movement.

Oil traders remain focused on the Middle East due to concerns that attacks on shipping or energy infrastructure could intensify, particularly around the Red Sea and nearby maritime routes. Recent attacks on Saudi-linked oil tankers and uncertainty surrounding shipping through the Strait of Hormuz have kept volatility elevated.

Despite geopolitical concerns, the supply outlook remains a moderating factor for prices. US inventory trends and broader supply expectations suggest that physical markets are becoming more balanced. The Energy Information Administration expects oil inventories to recover later this year as Middle Eastern production and exports gradually normalize.