WTI Surges To $85.00 Amid Israel-Iran Tensions

Photo by American Public Power Association on Unsplash

  • WTI snaps the three-day winning streak near $85.00 on Friday.
  • Israel retaliates as missiles strike a site in Iran, boosting the black gold price.
  • The expectation that the US Fed will delay interest rate cuts to September might cap the WTI’s upside.

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $85.00 on Friday. The black gold gains traction on the day amid the escalating tension between Israel and Iran after a US official confirmed that Israeli missiles had hit a site in Iran.

On Friday, ABC News reported that explosions were heard at an airport in the Iranian city of Isfahan but the cause was not immediately known. Several flights were diverted over Iranian airspace. Over the weekend, Iran unleashed hundreds of drones and missiles in retaliation for a purported Israeli raid on its Syrian embassy building. The tension between Israel and Iran heightened concerns of a wider conflict in the Middle East, triggering the fear of oil supply disruption.

On the other hand, several Fed officials have made hawkish comments in recent days. Atlanta Fed President Raphael Bostic said that US inflation is too high and the Fed still has a way to go on inflation, while New York Fed President John Williams emphasized that the Fed is data dependent and he doesn't feel an urgency to cut rates. Earlier this week, Fed Cleveland President Loretta Mester said that inflation is higher than expected and the central bank needs more confidence in its trajectory.


WTI US OIL

OVERVIEW
Today last price 85.1
Today Daily Change 3.22
Today Daily Change % 3.93
Today daily open 81.88

 

TRENDS
Daily SMA20 83.78
Daily SMA50 80.53
Daily SMA100 76.86
Daily SMA200 79.57

 

LEVELS
Previous Daily High 82.8
Previous Daily Low 81.05
Previous Weekly High 87.03
Previous Weekly Low 84.01
Previous Monthly High 83.05
Previous Monthly Low 76.5
Daily Fibonacci 38.2% 81.72
Daily Fibonacci 61.8% 82.13
Daily Pivot Point S1 81.02
Daily Pivot Point S2 80.15
Daily Pivot Point S3 79.26
Daily Pivot Point R1 82.77
Daily Pivot Point R2 83.67
Daily Pivot Point R3 84.53


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