Commodities
WTI Reclaims $99 Amid Escalating Middle East Tensions
West Texas Intermediate (WTI), the benchmark U.S. crude oil contract, has reclaimed $99.00 during the Asian session on Tuesday.
This move comes after a choppy trading session prior and is supported by escalating tensions in the Middle East and stalled U.S.-Iran talks.
The geopolitical risk premium remains embedded in crude prices, underpinning a constructive outlook for WTI.
From a technical perspective, momentum indicators remain supportive, with the Relative Strength Index hovering just under overbought territory around 69, and the Moving Average Convergence Divergence (MACD) indicator staying in positive territory.