Oil prices stabilize above key technical levels amid escalating US-Iran conflict and supply disruption risks in the Gulf.
West Texas Intermediate crude oil trades steady at $79.00, consolidating weekly gains after reaching a one-month high. The commodity remains supported by heightened Middle East tensions, including US airstrikes on Iran and Tehran’s retaliatory attacks on US assets in Gulf nations.
Technical indicators reinforce the bullish outlook, with WTI breaking above its 200-day exponential moving average and the 23.6% Fibonacci retracement level. The Relative Strength Index at 55.00 and expanding MACD signal strengthening upward momentum.
Resistance levels are eyed at $82.40 (38.2% Fibo), $87.11 (50% Fibo), and $91.82 (61.8% Fibo). Downside risks persist if geopolitical tensions ease or technical support weakens.