WTI Slips Below $92 Amid Iran Diplomacy Hopes

West Texas Intermediate (WTI) crude oil prices have slipped below $92.00 amid hopes of Iran diplomacy, but the bullish potential remains intact.

The WTI price has snapped a two-day winning streak and is currently down 2.0% for the day after extending its previous day's late pullback from the $95.80 area.

Easing supply concerns due to reports that US and Iran negotiators are exploring a phased path out of conflict have weighed on the commodity, but geopolitical risks remain elevated following a Houthi missile attack on Saudi Arabia.

From a technical perspective, crude oil prices maintain a constructive near-term tone above the 200-period Simple Moving Average (SMA) support and the 38.2% Fibonacci retracement level of the July-September rally.