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WTI holds near $84.20 as Strait of Hormuz risk supports crude
WTI is trading around $84.20, holding above the 38.2% Fibonacci retracement level from the July-August slide as geopolitical risk linked to the US-Iran standoff remains in focus.
WTI is in a bullish consolidation phase after climbing to an over two-week high during the Asian session, and it is currently trading near the $84.20 area, according to FXStreet.
The outlet said uncertainty tied to the US-Iran standoff over the Strait of Hormuz is keeping a geopolitical risk premium in play, acting as a tailwind for crude.
On the technical side, WTI is maintaining a near-term bullish bias above the 38.2% Fibonacci retracement level of the July-August decline. FXStreet noted momentum indicators remain constructive, with RSI around 56 and MACD above zero and edging higher.
FXStreet added that the next key upside barrier is clustered around $86.65 to $86.70, including the 100-day simple moving average and a downward-sloping trend line, while initial downside support is near $82.53, followed by the 23.6% retracement at $76.72. It said a deeper selloff could eventually test sub-$70.00 levels if selling pressure returns.
Latest closeWTI crude $95.27 ▲3.4%