WTI Surges to Fresh High Amid US-Iran Tensions

WTI oil prices surged on Tuesday, fueled by uncertainty over US-Iran peace talks and Hormuz risks. The commodity gained some positive traction following a bearish gap opening the previous day. WTI climbed to a fresh daily high in the last hour, with bulls eyeing a move beyond the $80.00 psychological mark.

Iran's denial of any negotiations with the US sparked an angry backlash from President Donald Trump, who had cited the resumption of bilateral talks as justification for calling off attacks over the weekend. The US-Iran standoff over the Strait of Hormuz fuels concerns regarding global energy supplies and pushes crude oil prices higher.

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