WTI extended losses on Tuesday after dropping 9% in the prior session as tensions between the US and Iran eased, chipping away at the geopolitical premium tied to the Strait of Hormuz. The contract was trading around $77.90, down nearly 4% on the day. Oman has also put forward a proposal to Iran for joint management of the chokepoint using \u201cvoluntary fees\u201d, adding to expectations that shipping risks could moderate.<\/p>\n\n
Price action has turned more bearish after WTI failed to hold above the 100-day SMA at $88.19 and then slipped beneath the 50-day SMA at $81.26. The RSI has fallen below 50 after a brief move into overbought territory, while the MACD remains positive but is losing altitude. Support sits at the 200-day SMA near $74.78, and a daily close below it could refocus attention on $67-$65; resistance is first seen at $81.26, then around $88.19 and the $90 level. WTI is a US-sourced, light and sweet benchmark priced in US Dollars; inventory updates from API and EIA can move prices, with their figures typically within 1% of each other 75% of the time, while OPEC and OPEC+ supply decisions remain a key driver.<\/p>\n\n\n\n