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WTI holds near $86 as Middle East supply fears support prices
WTI is set up for a second straight weekly gain, with the market tracking risks around the Strait of Hormuz and attacks involving oil tankers.
WTI crude oil is trading in a narrow range around $86.0 during the Asian session and remains close to a three-week high, with expectations building for a second consecutive weekly gain, according to FXStreet. FXStreet links the price support to heightened supply concerns tied to the US and Iran dispute over restoring safe commercial navigation through the Strait of Hormuz. The outlet also cites reports from Yemen's Iran-backed Houthi group claiming it targeted eight Saudi oil tankers since late July, after it declared a maritime blockade on Saudi shipping.
FXStreet adds that President Donald Trump said the US will launch what he called the most crushing economic operation against Iran, and that Vice President JD Vance said economic pressure is the most effective tool. The analysis says the resulting geopolitical risk premium has helped keep a bullish outlook for oil, while traders are waiting for additional developments before making new bets.
On the technical side, FXStreet says WTI is maintaining a constructive tone above the 61.8% Fibonacci retracement of the July-August slide and the 200-day exponential moving average. It identifies a near-term resistance level at the 78.6% Fibonacci retracement around $88.1, and support areas between $85.0 and $80.7, which the outlet says could limit the depth of any pullback.
Latest closeWTI crude $82.40 ▲1.4%