WTI
WTI oil eased quickly from new six-month high ($77.88, hit after Monday’s gap-higher opening), signaling that traders are not very much concerned about growing threats of strong supply disruptions, though overall picture remains firmly bullish.
The oil opened around 5% higher on Monday, after the US attacked Iran during the weekend, in action that was strongly criticized by a number of countries, including two superpowers, China and Russia.
The timing of attack was important, as Israel started the conflict by launching attacks on Iran last Friday that prevented panic market reaction (as the markets were closed) and leaving enough time for traders to digest news before taking the action.
This comes after Trump’s tariff announcement (Liberation Day) which was announced on a weekday and caused a big damage, particularly to stock markets.
Although markets were worried of escalation of the conflict and anticipated that Iran’s immediate response will be closure of Hormuz strait that would cause significant disruption in oil supply and probably send the price towards $100 per barrel, this was not the case so far.
Markets will be closely watching the developments in Iran – US/Israel conflict and look for fresh signals as Iranian parliament has already voted for closure of Hormuz (awaiting verification), with focus on reaction from Russia (Iranian foreign minister is meeting President Putin today), as well comments from the UN Security Council which meets today on request of Iran.
Technical picture on daily chart remains bullish despite overnight’s drop in the price that caused weakening of positive momentum, as technical indicators are in bullish configuration and continue to underpin.
Solid supports at $72.50 zone (Fibo 23.6% of $55.40/$77.88 / higher base) should contain dips and keep firmly bullish near term structure intact for fresh attempts higher.
Rising 10DMA ($71.19) marks next support and guards lower breakpoints at $70.00/$69.29 (psychological / Fibo 38.2%) loss of which would sideline bulls.
Res: 77.88; 78.45; 79.35; 80.00.
Sup: 73.15; 72.57; 72.34; 71.19.
Interested in WTI technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks

EUR/USD loses further ground, challenges 1.1600
The demand for the Greenback is strengthening, pushing the US Dollar Index (DXY) to fresh highs and dragging EUR/USD to new multi-week lows near the 1.1600 support on Tuesday. The strong US CPI result supported the Fed's cautious narrative, giving the Dollar greater impetus at the expense of risk assets.

GBP/USD faces heavy losses below the 1.3400 mark
Extra weakness continues to hurt the sterling on Tuesday. In fact, GBP/USD now extends its recent breach below the important 1.3400 support level and flirts with four-week lows as sentiment towards the US dollar strengthens. Later in the day, investors are anticipated to closely follow presentations by Governor Bailey and Chancellor Reeves at the Mansion House event.

Gold's selling pressure picks up pace, focus on $3,320
Gold prices now lose the grip and prompt the precious metal to retreat to daily troughs near the $3,320 mark per troy ounce. The increasing selling pressure around the yellow metal comes in response to a stronger US Dollar, rising US yields across the curcve, and the idea that the Fed might remain cautious for longer.

Pi Network Price Forecast: PI test crucial support level amid bullish RSI divergence
Pi Network edges lower by 2% at press time on Tuesday, failing to join the bandwagon of altcoins fueled by Bitcoin reaching record high levels. The increasing supply pressure on Centralized Exchanges and the token unlocks fuel the declining trend in PI token, resulting in a retest of the $0.4460 support level.

China’s first-half growth remains on track, though activity data signals caution
China's second-quarter GDP beat forecasts again with a 5.2% year-on-year growth, driven by strong trade and industrial production. Yet sharper-than-expected slowdowns in fixed-asset investment and retail sales and falling property prices are a concern.

Best Brokers for EUR/USD Trading
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.