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WTI falls near $91.50 as Middle East tensions weigh

WTI is down 0.5% on the day, but the report says further downside may be limited by geopolitical risk premium.

Reported · Written up by our desk · Energy

WTI crude oil is trading near $91.50, slipping 0.45% on the day and snapping a two day winning streak during Friday's Asian session, according to FXStreet.

The outlet attributes the softness to concerns around Middle East tensions, including reporting by The Wall Street Journal that the Pentagon may send a third aircraft carrier strike group and 10,000 sailors and Marines to the Persian Gulf.

FXStreet also points to statements from Iran's Persian Gulf Strait Authority saying several tankers were attacked in the Strait of Hormuz in recent days, alongside comments from US President Donald Trump that he would decide very soon whether to escalate against Iran.

Technically, FXStreet says WTI remains capped by the long term trend structure and notes the 100 period simple moving average on the 4 hour chart sits around $9, framing the downside as potentially limited despite the geopolitical risks.

Latest closeWTI crude $90.46 ▲1.2%

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