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WTI climbs toward $80 as Hormuz supply risks resurface
Oil gains come as the US launches a third straight night of strikes against Iran after the Trump administration reimposed a naval blockade of Iranian ports, raising supply risk through the Strait of Hormuz.
WTI futures built on the prior session’s advance, moving toward a nearly four week high around the $80.00 per barrel area during Asian trading, with traders citing renewed supply concerns tied to rising US-Iran tensions, FXStreet reports. The outlet points to the US military conducting a third consecutive night of strikes against Iran after President Donald Trump reimposed a naval blockade of Iranian ports on Monday. It also notes Iran’s Islamic Revolutionary Guard Corps targeted US facilities in the region, and that two UAE tankers were hit by Iranian cruise missiles in the Strait of Hormuz. From a technical standpoint, FXStreet says WTI’s move came after a breakout above the 23.6% Fibonacci retracement level of the April-July decline and the 200-day exponential moving average, with the MACD turning firmly positive and the RSI around 55.1 indicating constructive momentum without being overextended. For traders looking ahead, the report flags resistance near the 38.2% Fibonacci level at $82.20, then $86.88 at the 50% retracement and $91.55 at the 61.8% retracement. It also highlights support near the 200-day EMA around $77.24, followed by $76.41 at the 23.6% retracement, and a deeper structural floor near $67.06, while noting bulls may wait for US consumer inflation data and Fed Chair Kevin Warsh’s testimony before adding fresh exposure.
Latest closeWTI crude $78.04 ▲9.3%