WTI: Mildly bid above $41.00 even as US-Iran war fears fade, eyes API stocks

WTI bounces off intraday low as NYT conveys odds of the US attack on Iran.
Risk dwindles as vaccine hopes battle virus woes.
API inventories, risk catalysts will offer short-term direction.

Anil Panchal FXStreet

WTI takes a U-turn from the intraday low to $41.68 while flashing a 0.30% gain on a day during early Tuesday. In doing so, the black gold pays attention to the hints concerning the US-Iran tussle while also observing the US dollar pullback.

The New York Times (NYT) recently came out with the news suggesting US President Donald Trump’s intention to attack Iran during the last weeks of his White House dominance. The news offers a sigh of relief to Tehran now as Joe Biden is on his way to the Oval Office.

Read: President Trump sought options for attacking Iran to stop its growing nuclear program

Also affecting the commodity could be the US dollar moves. The US dollar index (DXY) dropped to a one week low yesterday as global markets dumped the greenback amid the coronavirus (COVID-19) vaccine hopes. Also negatively affecting the USD and WTI could be the second monthly downbeat prints of the Empire State Manufacturing Index, flashed the previous day.

It should also be noted that the recent bounce of DXY might have taken clues of the worsening virus conditions in the US states and Europe. However, Johnson and Johnson’s start of the late-state trial for the two-dose vaccine and Pfizer’s pilot COVID-19 immunization program challenge the risk-off mood.

Moving on, weekly private inventory data from the American Petroleum Institute (API), prior -5.1M, becomes the only oil-centric figures to watch. Though, the importance of risk catalysts and the US dollar remains high for the energy traders.

Technical analysis

100-day SMA offers immediate support around $40.60/55 ahead of the $40.00 threshold. Meanwhile, $42.50 provides additional resistance than the $42.00 round-figure. The commodity’s ability to stay past-$40.00 keeps buyers hopeful.

Additional important levels

Overview
Today last price	41.69
Today Daily Change	0.12
Today Daily Change %	0.29%
Today daily open	41.57

Trends
Daily SMA20	39.35
Daily SMA50	39.56
Daily SMA100	40.55
Daily SMA200	37.18

Levels
Previous Daily High	42.34
Previous Daily Low	40.36
Previous Weekly High	43.28
Previous Weekly Low	37.43
Previous Monthly High	41.93
Previous Monthly Low	35.08
Daily Fibonacci 38.2%	41.58
Daily Fibonacci 61.8%	41.11
Daily Pivot Point S1	40.51
Daily Pivot Point S2	39.44
Daily Pivot Point S3	38.53
Daily Pivot Point R1	42.49
Daily Pivot Point R2	43.4
Daily Pivot Point R3	44.47

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

USD/JPY recovers toward 160.50 ahead of BoJ press conference

USD/JPY recovers losses and heads toward 160.50 in early Europe on Tuesday, following the release of the Bank of Japan's monetary policy decision. The BoJ hiked the key rate by 25 bps to 1% as widely, providing little to no impetus to the Japanese Yen. The focus is now on the BoJ Deputy Governor Uchida's press conference.

AUD/USD sticks to red near 0.7050 after RBA's pause

AUD/USD remains in the red near 0.7050 following the Reserve Bank of Australia's (RBA) expected decision to pause its rate hike cycle. The pair assesses RBA Governor Bullock's press conference for a fresh trading impetus.

$4,400: Gold sellers set to retain control whilst below this level; focus shifts to Fed

Gold holds a pullback from six-day highs of $4,369 as buyers take a breather early Tuesday. The US Dollar looks to fill Monday’s bearish opening gap as markets temper Iran deal optimism. Technically, Gold remains exposed to downside risks whilst below the 21-day SMA near $4,400.

Solana's rebound gains momentum as ETF inflows return

Solana (SOL) steadies at $73 after posting three consecutive green candlesticks since the weekend. The recent recovery is supported by institutional demand, with spot Exchange Traded Funds recording net inflows of $2.81 million on Monday.

Kevin Warsh opens first Fed meeting June 16 with rate hold expected

Kevin Warsh was confirmed by the Senate in a 54-45 vote and sworn in as Federal Reserve Chair on 22 May 2026. The ceremony took place at the White House, with Supreme Court Justice Clarence Thomas administering the oath. The FOMC meeting on 16 and 17 June is his first as chair. The June meeting is also a quarterly projection meeting.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.