Geopolitical risks and technical support keep WTI near $82.13 despite diplomatic talks over the Strait of Hormuz.
West Texas Intermediate crude oil trades at $82.13, up over 7% this week, as Middle East tensions sustain a risk premium. Prices briefly dipped after reports of advanced Iran-Oman talks on reopening the Strait of Hormuz but rebounded amid skepticism over near-term resolution.
WTI remains above key moving averages, with the 21-day SMA at $81 and the 50-day SMA at $78. The RSI at 53.49 and MACD indicator suggest a modest bullish bias, reinforcing technical support.
Iran insists the Strait will stay closed until sanctions are lifted and other demands met, countering diplomatic optimism. The standoff keeps energy markets volatile, with traders monitoring developments closely.