Geopolitical tensions in the Middle East and positive technical indicators support WTI’s near-term upward momentum above $83.00.
West Texas Intermediate crude oil extends gains for a third session, trading just below $83.00 in Asian hours after hitting a nearly two-week high. Supply concerns persist as Iran-backed Houthi attacks on Red Sea shipping and Tehran’s demands on the Strait of Hormuz fuel disruptions in key oil transit routes.
Technical indicators reinforce the bullish bias, with WTI holding above the 38.2% Fibonacci retracement level of its July-August decline. The Relative Strength Index at 64.63 remains in positive territory, while the MACD shows constructive momentum, suggesting potential for further upside.
Resistance levels are eyed at $82.93 (50% retracement), $85.13 (61.8%), and $88.27 (78.6%), with support at $80.73 and $78.00.