WTI fell sharply on Tuesday, trading around $95.70 at the time of writing, down 2.36% on the day after earlier touching a one-month high above $100. The retreat followed reports of a fresh diplomatic proposal between the US and Iran, which helped temper Middle East risk pricing. Israel’s Channel 12 News said Pakistan’s army chief presented a compromise to senior Iranian officials that had approval from Washington and preliminary agreement from Tehran, with Pakistan and Qatar acting as intermediaries.
Diplomatic Developments Between US and Iran
Channel 12 News reported the plan may include transferring to Iran the interest generated on roughly $6bn of Iranian funds held in Qatari banks, without releasing the principal. A Qatari report cited by the broadcaster also said Tehran has agreed to a confidential International Atomic Energy Agency visit to nuclear facilities, though the arrangement has not been officially confirmed and the final scope remains unclear.
WTI Technical Levels and Market Outlook
On technicals, WTI traded at $95.61 on the four-hour chart, above the 100-period SMA at $92.00 and the 200-period SMA at $93.15, while the 14-period RSI sat near 46; support was flagged at $95.00, then $93.15 and $92.00, with resistance at $101.05.
Start trading now — click here to create your real VT Markets account.
