WTI price nears $78 on growing Middle East conflict risks
West Texas Intermediate (WTI) futures have extended their recovery move to near $77.80.
The oil price had underperformed in the last two weeks due to hopes of the Strait of Hormuz reopening.
A proposed US-Iran deal has been gripped by uncertainty, and growing friction between Iran-aligned Houthis and Saudi Arabia has fueled fears of a prolonged energy supply disruption, boosting oil prices.
WTI trades at around $77.80, maintaining a bearish near-term bias as it holds beneath the 20-day exponential moving average, with prices expected to reach near $78, and previously reaching $79.32 and $85.11