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WTI extends rebound as Middle East tensions disrupt oil flows
WTI was trading around $86.20 after topping $87.83, as strikes on Iran continued and three Saudi crude tankers reportedly reversed in the Red Sea.
WTI crude extended its rebound as rising Middle East tensions disrupted oil flows through the Strait of Hormuz and the Red Sea, FXStreet said. At the time of writing, WTI traded around $86.20 after an intraday high of $87.83, its highest level since June 11.
FXStreet pointed to continued escalation in the region, including the US carrying out an eleventh consecutive night of strikes against Iran. Tehran responded with attacks targeting Bahrain, Kuwait and Jordan, while three tankers carrying Saudi crude reportedly reversed course in the Red Sea after threats from Iran-backed Houthis.
On the technical front, FXStreet said WTI staged a sharp recovery after retesting the pre-war level near $67 earlier this month. The rebound carried prices back above the 200-day simple moving average near $74, and the contract is now testing the 100-day SMA around $88, with upside momentum still favored.
FXStreet added that the RSI 14 rose to 66.61, approaching overbought territory, while the MACD remained positive with the MACD line above the signal line. Initial support is seen at $80 and then near the 200-day SMA at $74, with a decisive break above the 100-day SMA around $88 flagged as a path toward resistance near $95.0.
Latest closeWTI crude $87.52 ▲3.1%