Oil prices hover near $96 after failing to break below key support at $95 amid lingering US-Iran tensions and bearish technical signals.
West Texas Intermediate crude trades near $96.32, extending a three-day decline but remaining above the $95.00 psychological level. The commodity found support after touching a two-week low, as unresolved US-Iran negotiations keep geopolitical risks elevated.
Technical indicators show weakening momentum, with the 200-period SMA at $95.09 and trend-line support near $95.49 underpinning prices. However, the RSI near 36 and a negative MACD suggest bearish pressure, limiting upside potential unless buyers push above $100.42 resistance.
Investors remain cautious as Iran and the US narrow gaps but fail to reach a deal, with disputes over Tehran’s nuclear program and the Strait of Hormuz sustaining supply concerns.