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WTI slips below $82.10-$82.15 as Strait of Hormuz reopening stays conditional
WTI was down less than 0.5% on the day in Thursday’s European session, holding just above $81 as resistance around $82.10-$82.15 capped the rebound.
West Texas Intermediate crude traded just above $81.00 in the first half of the European session on Thursday, easing on the day by less than 0.5%, as price action followed an overnight bounce from the $79.30 to $79.25 area. FXStreet said the latest selling pressure is linked to optimism around a potential US-Iran peace deal and the reopening of the Strait of Hormuz, but with a caveat that Iran’s Deputy Foreign Minister Kazem Gharibabadi warned the waterway will not fully reopen until the US fulfills its commitments under a June interim peace agreement. Technically, the rebound struggled to gain acceptance above the $82.10 to $82.15 confluence, where a 100-period Exponential Moving Average on the 4-hour chart and the 38.2% Fibonacci retracement of the recovery from the monthly low overlap. FXStreet also pointed to bearish technical signals, with MACD still marginally negative and RSI around 40 indicating subdued momentum. It flagged downside levels near the 50.0% retracement at $80.47 and the 61.8% level at $78.83, while noting that bulls may need sustained strength above $82.10 to $82.15 to extend gains, with additional resistance around $84.13 and $87.40.
Latest closeWTI crude $81.58 ▼0.9%