WTI Crude Oil grinding it out just below $85

WTI is seeing some back-and-forth for Friday.
US Crude Oil barrels bounding between $85.00 and $83.00 per barrel.
Oil markets remain concerned about Middle East tensions, but global slowdown hard to ignore.

Joshua Gibson FXStreet

West Texas Intermediary (WT) Crude Oil barrels are seeing some tension in the midrange on Friday, in play between $85.00 and $83.00 USD per barrel as energy markets spread their bets to the middle.

Oil markets continue to roil as Middle East headlines print across the tape, and barrel traders remain focused on developments in the Gaza Strip conflict.

Two separate Egyptian Red Sea towns were hit by errant projectiles early Friday, perfectly highlighting global markets' concerns about potential spillover into neighboring regions in the escalating Israel-Hamas conflict.

Israel is facing global pushback on their planned full-scale invasion of Gaza, and so far has not executed their strategy, but Israeli forces still saw their largest ground attack of the contested region on Friday.

On Thursday Iran's Foreign Minister Hossein Amirabdollahian threatened intentional geopolitical turmoil while at the United Nations (UN), stating that the United States would "not be spared from this fire" if Israel continued to attack Hamas forces.

The current escalation was sparked by a Hamas rocket barrage three weeks ago that set a record for the number of people killed in a single attack up to that point.

Despite geopolitical tensions spilling out from the Jordan region, energy investors are having a hard time ignoring hardening signs of global growth weakness, and concerns are mounting in fossil fuels that demand for Crude Oil barrels is going to slump in the coming months.

WTI Technical Outlook

WTI Crude Oil is currently strung up in consolidation with candlesticks trading firmly inside familiar daily ranges. US Crude Oil is currently down almost 5% for the week as WTI cycles $84.00 per barrel.

$82.00 is proving to be a significant technical support level, while a bearish breakdown will see barrel bids challenging the 200-day Simple Moving Average (SMA) currently parked near $78.00.

On the top side, the last swing high sits just shy of the $90.00 major psychological level, while a break above 2023's ceiling of $93.98 would see WTI setting a 14-month high at the $94.00 handle.

WTI Daily Chart

WTI Technical Levels

WTI US OIL

Overview
Today last price	84.28
Today Daily Change	1.01
Today Daily Change %	1.21
Today daily open	83.27

Trends
Daily SMA20	85.39
Daily SMA50	85.71
Daily SMA100	80.55
Daily SMA200	77.97

Levels
Previous Daily High	85.34
Previous Daily Low	82.37
Previous Weekly High	89.64
Previous Weekly Low	84.39
Previous Monthly High	93.98
Previous Monthly Low	83.09
Daily Fibonacci 38.2%	83.5
Daily Fibonacci 61.8%	84.21
Daily Pivot Point S1	81.98
Daily Pivot Point S2	80.69
Daily Pivot Point S3	79.01
Daily Pivot Point R1	84.95
Daily Pivot Point R2	86.63
Daily Pivot Point R3	87.93

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

GBP/USD extends the drop to 1.3360

GBP/USD builds on Monday’s decline and briefly clinches five-day lows near 1.3360 on Tuesday. Cable’s extra pullback follows the better tone in the Greenback as uncertainty in the Middle East prompts investors to adopt a cautious stance. Meanwhile, an apathetic UK labour market report also collaborates with the selling pressure on the British Pound.

EUR/USD stays offered just above 1.1400

EUR/USD keeps the downtrend well in place for yet another day, challenging the 1.1400 contention zone on Tuesday. The continuation of the selling impulse in spot comes amid decent gains in the US Dollar, which continues to find support in the persistent effervescence surrounding the US-Iran crisis.

Middle East crisis intensifies, Gold up

Gold now seems to have embarked on a consolidative phase below the key $4,100 mark per troy ounce in the latter part of Tuesday’s session. Meanwhile, uncertainty surrounding the Middle East conflict and rising expectations for a hawkish Fed policy outlook are expected to limit the precious metal’s bullish momentum in the near term.

XRP rebounds on rising on-chain activity

Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).

The Iranian war has again risen

The Iranian war has again risen to the top of the economics factor list. There is no end in sight. Intelligence experts say the current level of offense/retaliation will not change minds in Tehran, while in Washington, Trump fears all-out war, which would mean boots on the ground.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.