WTI remains muted after Fed hold

• WTI trades near $83 per barrel after rebounding sharply from an intraday low of $78.90.
• Escalating attacks involving the United States, Saudi Arabia and Iran raise concerns about possible disruptions to regional Oil production and transportation.
• Oil is struggling to preserve its earlier gains after the Federal Reserve left interest rates unchanged at 3.50%–3.75%.

West Texas Intermediate (WTI) Oil stayed muted near $83 per barrel following the Federal Reserve's (Fed) decision to hold interest rates constant on Wednesday afternoon. The price consolidation comes after recovering sharply from an intraday low near $78.90.

Retaliatory attacks involving the United States (US), Saudi Arabia, and Iran intensify concerns about potential disruptions to regional oil supplies. Crude prices are failing to retain their gains after the Federal Reserve (Fed) left interest rates unchanged at 3.50%–3.75%.

Crude Oil prices rose sharply during the early American session on Wednesday. Saudi Arabia launched attacks against Iran-aligned groups in Iraq alongside the United States in retaliation for drone strikes by Iran-aligned militias on Saudi Oil facilities. Iran later claimed responsibility for an attack on a US military base in Jordan.

US President Donald Trump reiterated that Washington would respond forcefully to Iranian attacks against US targets in Jordan, according to Fox News. His comments added to concerns that the conflict could broaden further and potentially disrupt energy production or transportation across the region.

Short-term technical analysis:

On the 4-hour chart, WTI trades at $83.48. The near-term bias stays mildly bullish as price holds above both the 20-period Simple Moving Average (SMA) at around $82.32 and the 100-period SMA near $80.15, suggesting a constructive underlying trend after the recent pullback. The Relative Strength Index (RSI) hovers close to 52, indicating neutral momentum and hinting that bulls retain control but lack a strong impulsive push for now.

On the topside, immediate resistance emerges at the horizontal barrier around $84.24, where a break would expose higher levels beyond the current range. On the downside, initial support is seen at the 20-period SMA near $82.32, reinforced by horizontal backing around $82.29, while deeper cushions sit at $81.51 and $80.99, ahead of the broader trend floor defined by the 100-period SMA around $80.15.

(The technical analysis of this story was written with the help of an AI tool. Know more.)