WTI rises to near $86.20 on reports of threats against Israeli embassy

WTI price appreciated after Iran vowed retaliation for Israel's attack on Iran's embassy.
NATO officials said that Ukrainian drone attacks on Russian refineries may have disrupted over 15% of capacity.
The US has imposed sanctions on Oceanlink Maritime DMCC for its role in shipping commodities intended for the Iranian military.

Akhtar Faruqui FXStreet

West Texas Intermediate (WTI) oil price seems to extend its winning streak that began on March 27, buoyed by escalating geopolitical tensions and the looming possibility of disruptions in oil supply. WTI crude oil is currently trading around $86.20 per barrel during the Asian trading hours on Friday.

The rise in Crude oil prices is attributed to the potential threat of supply disruptions amid escalating geopolitical tensions, particularly after Israel attacked Iran's embassy in Syria. However, Israel has not officially claimed responsibility for the attack on Iran's embassy compound in Syria on Monday.

Furthermore, reports of increased threats against the Israeli embassy in the United States (US) by Iran have added to market concerns. Iran has pledged retaliation for an attack that resulted in the death of Iranian military officials.

Additionally, according to NATO officials on Thursday, ongoing Ukrainian drone attacks on refineries in Russia may have disrupted over 15% of Russian capacity. Furthermore, a Lukoil refinery in Russia is facing challenges in repairing its gasoline unit as the American firm Universal Oil Products (UOP) has declined to assist Lukoil. UOP had withdrawn from Russia following the country's invasion of Ukraine in February 2022.

On Thursday, the United States imposed fresh counterterrorism sanctions related to Iran against Oceanlink Maritime DMCC, based in the United Arab Emirates, along with its vessels. This action was taken due to the company's involvement in shipping commodities for the Iranian military. The Treasury Department stated that the US is utilizing financial sanctions as a measure to isolate Iran and hinder its capacity to finance its proxy groups while also supporting Russia's conflict in Ukraine.

This week, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, decided to maintain their current oil supply policy unchanged. The voluntary production cuts, totaling 2.2 million barrels per day (bpd), will continue until at least the end of June. These cuts supplement the existing agreement reached in 2022, which already encompasses reductions of 3.66 million bpd.

WTI US OIL

Overview
Today last price	86.23
Today Daily Change	-0.16
Today Daily Change %	-0.19
Today daily open	86.39

Trends
Daily SMA20	81.34
Daily SMA50	78.64
Daily SMA100	76.02
Daily SMA200	78.95

Levels
Previous Daily High	86.74
Previous Daily Low	84.23
Previous Weekly High	82.9
Previous Weekly Low	80.35
Previous Monthly High	83.05
Previous Monthly Low	76.5
Daily Fibonacci 38.2%	85.78
Daily Fibonacci 61.8%	85.19
Daily Pivot Point S1	84.84
Daily Pivot Point S2	83.28
Daily Pivot Point S3	82.33
Daily Pivot Point R1	87.34
Daily Pivot Point R2	88.3
Daily Pivot Point R3	89.85

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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