West Texas Intermediate (WTI) – the benchmark US Crude Oil price – oscillates in a narrow band during the Asian session on Wednesday, consolidating its weekly gains to a nearly one-month peak set the previous day. The commodity currently trades just above the $79.00 mark, unchanged for the day, as bulls await further developments surrounding the Middle East crisis.
The US military launched another set of airstrikes against Iran on Tuesday, while Tehran retaliated with attacks on US military assets in Gulf countries. Moreover, US President Donald Trump warned that the US would strike Iranian bridges and power plants next week unless Tehran returns to the negotiating table. This, along with the closure of the Strait of Hormuz, acts as a tailwind for Crude Oil prices and favors bullish traders.
From a technical perspective, this week's breakout through the 23.6% Fibonacci retracement level of the April-July fall and the 200-day Exponential Moving Average (EMA) validates the constructive tone. Momentum indicators also back this improving bias and hint at strengthening bullish pressure. In fact, the Relative Strength Index at 55.00 stays in positive territory, and the Moving Average Convergence Divergence (MACD) is above zero and expanding.
Meanwhile, initial resistance appears at the 38.2% Fibo. level at $82.40, ahead of a substantial barrier at the 50.0% retracement near $87.11. The 61.8% level at $91.82 lines up as a higher objective if buyers extend the advance. On the downside, immediate support is seen at the 200-day EMA at $77.23, followed by the 23.6% Fibo. at $76.58, with the structural floor at the $67.16 anchor level remaining a distant but important line in the sand for the broader bullish outlook.
WTI daily chart
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