WTI surges to $85.00 amid Israel-Iran tensions

FXStreet
Updated Apr 19, 2024 03:47
Mitrade

■WTI snaps the three-day winning streak near $85.00 on Friday.


Israel retaliates as missiles strike a site in Iran, boosting the black gold price.


The expectation that the US Fed will delay interest rate cuts to September might cap the WTI’s upside.


Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $85.00 on Friday. The black gold gains traction on the day amid the escalating tension between Israel and Iran after a US official confirmed that Israeli missiles had hit a site in Iran.

On Friday, ABC News reported that explosions were heard at an airport in the Iranian city of Isfahan but the cause was not immediately known. Several flights were diverted over Iranian airspace. Over the weekend, Iran unleashed hundreds of drones and missiles in retaliation for a purported Israeli raid on its Syrian embassy building. The tension between Israel and Iran heightened concerns of a wider conflict in the Middle East, triggering the fear of oil supply disruption.

On the other hand, several Fed officials have made hawkish comments in recent days. Atlanta Fed President Raphael Bostic said that US inflation is too high and Fed still has a way to go on inflation, while New York Fed President John Williams emphasized that the Fed is data dependent and he doesn't feel an urgency to cut rates. Earlier this week, Fed Cleveland President Loretta Mester said that inflation is higher than expected and the central bank needs more confidence in its trajectory.


WTI US OIL


Overview

Today last price

85.1

Today Daily Change

3.22

Today Daily Change %

3.93

Today daily open

81.88

 

Trends

Daily SMA20

83.78

Daily SMA50

80.53

Daily SMA100

76.86

Daily SMA200

79.57

 

Levels

Previous Daily High

82.8

Previous Daily Low

81.05

Previous Weekly High

87.03

Previous Weekly Low

84.01

Previous Monthly High

83.05

Previous Monthly Low

76.5

Daily Fibonacci 38.2%

81.72

Daily Fibonacci 61.8%

82.13

Daily Pivot Point S1

81.02

Daily Pivot Point S2

80.15

Daily Pivot Point S3

79.26

Daily Pivot Point R1

82.77

Daily Pivot Point R2

83.67

Daily Pivot Point R3

84.53

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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