WTI Crude Oil Nears Weekly Low as US-Iran Tensions Ease

WTI Crude Oil has continued to face selling pressure for a second straight day, dipping close to the $97 mark during the Asian trading session. This downward movement began after prices were unable to hold above the significant $100 psychological level, indicating that sellers remain in control.

Crude oil prices softened after US President Donald Trump announced that "Project Freedom" – an initiative focused on bringing shipping traffic back to normal through the Strait of Hormuz – would be temporarily paused as talks with Iran progress. Adding to this, US Defense Secretary Pete Hegseth stated that the current ceasefire between the US and Iran continues to be stable, with the US having no intention of heightening tensions.

With geopolitical concerns becoming less acute, fears of supply disruptions were reduced, which in turn contributed to additional downward pressure on crude oil prices.

Looking at the technical side, WTI began to show weakness last week after it encountered significant resistance around the $106.5–107.2 level. The failure to break through this point sparked a new wave of selling, pushing prices back below the $100 mark.

Momentum indicators are also pointing to a downward trend. For instance, the MACD has moved into bearish territory and continues to stay below the zero line, signaling that bullish momentum is losing strength.

Here are some important price levels to keep an eye on:

Resistance: $98.0–100.9

Major resistance: $106.5–107.2

Support: $91.2

Strong support: $85.5–84.0

In case WTI remain below $100, the downward pressure is expected to continue, with sellers potentially targeting the $91 support zone. However, if prices manage to move back above $100.9, it could improve short-term sentiment and open the door for another test of the $106 resistance area.

#GateSquareMayTradingShare

$XTIUSD ‌