WTI Price Forecast: Sits above mid-$66.00, over six-month top amid rising US-Iran tensions
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WTI consolidates its gains registered over the past two days and seems poised to climb further.
Rising US-Iran tensions fuel fears of supply disruptions and continue to support the commodity.
The bullish technical setup further validates the near-term positive outlook for the black liquid.
West Texas Intermediate (WTI) US Crude Oil prices reverse a modest Asian session dip to sub-$66.00 levels and climb back closer to the highest level since August 4, touched earlier this Friday. The commodity remains on track to register strong weekly gains of over a 5% and seems poised to climb further as escalating US-Iran tensions fuel fears of supply disruptions in the Middle East.
In fact, US President Donald Trump warned Iran on Thursday that it must make a deal over its nuclear program, or really bad things will happen, and set a deadline of 10 to 15 days. In response, Iran told UN Secretary General Antonio Guterres that it does not seek war but will not tolerate military aggression. Iran added that all bases and assets of a hostile force in the region would be legitimate targets if attacked, raising the risk of a military confrontation and a broader regional conflict.
From a technical perspective, the recent repeated rebounds from the very important 200-day Simple Moving Average (SMA) and the overnight breakout through over a three-week-old trading range favor bullish traders. The 200-day SMA trends higher and stands at $62.24, underscoring a steady upward bias. Crude Oil Prices holdsabove this longer-term gauge, which supports buyers’ control. Dips would remain supported while the market defends the rising average.
Meanwhile, the Moving Average Convergence Divergence (MACD) line has moved above the signal line near the zero mark, hinting at an upside shift in momentum. A positive, modestly widening histogram reinforces improving buying pressure. The Relative Strength Index (14) sits at 63 (bullish) and is not overbought; a push into the 70s would strengthen the momentum backdrop, while a retreat toward 50 would temper the tone.
(The technical analysis of this story was written with the help of an AI tool.)
WTI daily chart
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