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WTI holds near two-week highs as Hormuz reopening talks stall
WTI was around $84.47 per barrel, with initial support near the 50-day SMA at about $78 and resistance at the 100-day SMA near $86.
WTI was steady on Tuesday after a 3% jump the prior session, trading around $84.47 per barrel and hovering near its highest level in more than two weeks, FXStreet reported. The newsletter cited lack of progress on reopening the Strait of Hormuz as a factor keeping a geopolitical risk premium in energy markets.
The article pointed to conflicting statements from the US and Iran about the Strait of Hormuz. It said Trump claimed the waterway is open and operating, while Iran’s top negotiator Mohammad Bagher Qalibaf, according to state media, said it would remain closed until the United States meets conditions of an interim agreement.
FXStreet also noted separate talks involving Iran and Oman on joint management of the Strait, and a Qatar Foreign Ministry spokesperson who said mediators are waiting for a bilateral agreement between the two countries before returning to broader US-Iran negotiations.
On the technical side, WTI was described as neutral in the near term, with RSI near 56 and MACD positive, while the trend measure ADX was around 17. The analysis identified support at the 50-day SMA near $78 and a deeper floor around the 200-day SMA near $76, while the first upside hurdle was the 100-day SMA around $86, where a daily close above it could support a stronger recovery phase.
Latest closeWTI crude $82.40 ▲1.4%