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WTI slips as $85 resistance holds amid Iran shipping risks
WTI was around $84.4 per barrel, down about 2.3% on the day, with markets watching potential new U.S. sanctions and possible Iranian export interruptions.
WTI crude fell on Monday after gaining more than 5% last week, even as geopolitical pressure tied to the Middle East remained elevated, with shipping through the Strait of Hormuz still heavily restricted. West Texas Intermediate was trading around $84.37 per barrel, down about 2.28% on the day.
FXStreet notes that the move comes alongside expectations that the United States could announce fresh sanctions against Iran later on Monday, while Tehran warned it could halt oil exports through the Strait of Hormuz and elsewhere in the Persian Gulf if Washington proceeds.
The analysis also points to technical levels, describing a prior downward resistance trend line with a break level at $85 as an immediate topside obstacle. It also flags the 100-day SMA near $85.64, with a sustained break above that zone potentially enabling further gains.
On the downside, the 21-day SMA near $81.37 is cited as immediate support, followed by the 200-day SMA near $76.84 and an ascending trend line around $75. A deeper pullback could test the $68.00 horizontal support area, according to the same technical outlook.
Latest closeWTI crude $82.40 ▲1.4%