Oil.WTI Sits near $105.50; eyes four-week top as Trump’s Iran deadline looms
- WTI regains positive traction as fading hopes for a US-Iran ceasefire keep supply concerns in play.
- Traders also remain worried about a new phase of US military action following Tuesday’s deadline.
- The technical setup also favors bullish traders and backs the case for a further appreciating move.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – catches fresh bids during the Asian session on Tuesday and climbs back closer to a nearly four-week high set the previous day. The commodity currently trades just below mid-$105.00s, up over 1.5% for the day, ahead of US President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz.
In the meantime, Trump heightened a harsh rhetoric against Iran and threatened to target civilian infrastructure if the deadline of Tuesday, 8 PM Eastern Time (00:00 GMT Wednesday) passes without a deal. Iran, on the other hand, pushed back against pressure to reopen the strategic waterway and rejected a ceasefire proposal, instead insisting on a permanent end to the conflict. This raises the risk of a further escalation of conflict in the Middle East and acts as a tailwind for Crude Oil prices.
From a technical perspective, the near-term bias is bullish as Crude Oil prices extend above the rising 100-period Exponential Moving Average (EMA), confirming an established uptrend after last week’s rebound from the mid-$90s. Adding to this, the Moving Average Convergence Divergence (MACD) indicator holds in positive territory with the line above its signal, while the histogram stays slightly expanded, suggesting steady upside momentum rather than a blow-off move. Furthermore, the Relative Strength Index (RSI) near 64 remains below overbought conditions, indicating buyers retain control with no immediate sign of exhaustion.
Meanwhile, immediate resistance is located at $105.70, the recent peak, and a clear move above would reinforce the current bullish structure, opening the way toward $107.00. On the downside, initial support emerges at $103.50, the latest pullback low, ahead of a stronger floor at $101.50, where recent consolidation aligns closer to the rising 100-period EMA near $95.10 on a broader horizon. A break below $103.50 would expose $101.50, and then the $99.50 area as deeper downside levels within the trend.
(The technical analysis of this story was written with the help of an AI tool.)
WTI 4-hour chart
