WTI jumps to test $ 55 on Iran tanker explosion news, weekly highs

  • Oil extends recent gains amid rising Mid-East supply risks, USD weakness.
  • US-China trade optimism also keeps black gold underpinned.
  • Oil bulls eye trade updated and geopolitics for fresh upside.

WTI (oil futures on NYMEX) caught a fresh bid-wave and reached the highest levels in eight days at 54.73 after supply disruption concerns mounted on news that an Iranian tanker was allegedly attacked by terrorists near the Saudi Arabian port city of Jeddah.

The Iranian news media cited that the explosion was caused by missiles incurred heavy damages to the vessel and oil is spilling into the Red Sea. However, the oil spill has been controlled. Further, Iran’s National Oil Company (NOC), in its statement, said that two missiles struck the Iran-owned Sinopa oil tanker setting it ablaze.

The geopolitical tensions continue to threaten to disrupt oil supplies from the OPEC’s producers, with political unrest rife in Iraq and Ecuador. Adding to this the Turkish-Syria conflict aggravates the Mid-East flare-up.

Further, trade-positive comments from the US President Trump, ahead of his meeting with the Chinese Vice-Premier Liu He, kept the buoyant tone intact around the barrel of WTI. The trade optimism boosts the market mood and dents the appetite for the safe-haven US dollar, which in turn renders positive for the USD-denominates oil.

All eyes remain on the Mid-East geopolitical and US-China trade developments ahead of the Baker Hughes US oil rigs count data for fresh trading impetus.

At the press time, WTI is seen consolidating the over 2% surge near 54.50 region, still up +1.80% on the day.

WTI Levels to watch  


Today last price 54.54
Today Daily Change 0.66
Today Daily Change % 1.22
Today daily open 54
Daily SMA20 55.76
Daily SMA50 55.43
Daily SMA100 55.95
Daily SMA200 57.19
Previous Daily High 54.12
Previous Daily Low 51.56
Previous Weekly High 56.59
Previous Weekly Low 51.19
Previous Monthly High 63.13
Previous Monthly Low 52.77
Daily Fibonacci 38.2% 53.14
Daily Fibonacci 61.8% 52.54
Daily Pivot Point S1 52.33
Daily Pivot Point S2 50.67
Daily Pivot Point S3 49.77
Daily Pivot Point R1 54.89
Daily Pivot Point R2 55.79
Daily Pivot Point R3 57.45



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD clings to 3.5-week’s high, trades above 1.1000 figure

The pair is challenging the 1.1047 resistance. EUR/USD bull recovery from 34-month lows remains intact. Further coronavirus headlines are awaited.


GBP/USD hits new 2020 low and bounces amid Brexit rhetoric, coronavirus headlines

GBP/USD is trading above 1.2800 after hitting a new 2020, nearing the 1.2700 figure, as concerns about a no-trade-deal Brexit are weighing on the pound. Modest recovery seen in USD during the American session keeps the bearish pressure intact.


XAU/USD tumbles near two-week’s lows, sub-$1600/oz

Gold has been dropping sharply this Friday while reaching the 200 SMA on the four-hour chart. XAU/USD bulls gave up as sellers took the market down sharply. The bears seem to be in charge and more down could potentially be expected. 

Gold News

WTI remains under pressure around $45.00

Nothing new around crude oil prices, with rising concerns on the Chinese COVID-19 and its potential impact on the economy and the demand for the commodity keeping traders’ sentiment well depressed.

Oil News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info