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WTI pushes toward $80 as US-Iran tensions lift crude risk premium
Crude is also being shaped by technical levels around $76.6 support and $82.6 resistance, with bearish momentum still slightly intact.
West Texas Intermediate crude is extending gains toward the $80.00 psychological level, supported by uncertainty around US-Iran peace talks, according to FXStreet.
FXStreet says Iran denied there were negotiations with the US, after reports of drone attacks on a US military base in Kuwait tempered hopes for a deal, while the broader US-Iran standoff over the Strait of Hormuz continues to raise concerns about global energy supplies.
On the chart, FXStreet notes a bearish gap that opened on Monday has stalled, with price pausing near a $76.60 confluence that includes a 50.0% Fibonacci retracement and the 200-period simple moving average on the four-hour timeframe.
FXStreet adds that MACD remains slightly negative and RSI is near 45, suggesting limited directional momentum, and points to resistance first near the 38.2% Fibonacci retracement around $82.64, then near $86.32, where profit-taking could emerge if the recovery continues.
Latest closeWTI crude $82.40 ▲1.4%