Oil prices retreat slightly but hold near one-month highs amid escalating US-Iran conflict and supply concerns.
West Texas Intermediate crude oil trades just under $79.00, down over 1% in Asian trading, as investors await further developments in the US-Iran standoff. The commodity remains near a one-month peak, with bulls cautious amid intensified military actions in the Middle East.
Recent US airstrikes on Iranian missile and drone infrastructure, coupled with Tehran’s retaliatory attacks, have heightened supply risks. A US naval blockade of Iranian ports and the closure of the Strait of Hormuz add to upward pressure, limiting downside moves. Technical indicators, including a break above the 23.6% Fibonacci retracement and a positive MACD, signal strengthening momentum.
The Relative Strength Index at 54.36 and a recovery from the $67.07 cycle low further support the bullish bias, suggesting pullbacks may attract buyers.