• WTI remains under some selling pressure for the third straight day amid US-Iran peace deal reports.
• The optimism, however, remains capped amid US-Iran disagreements over Tehran’s nuclear program.
• The technical setup favors bears and backs the case for an extension of a two-week-old downtrend.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – trades with a negative bias for the third straight day on Friday and trades around the $87.00 mark during the Asian session, close to a one-month low touched the previous day.

Reports  that the US and Iran have reached a deal to extend the ongoing ceasefire for 60 days fuel hopes over the re-opening of shipping traffic through the Strait of Hormuz. This helps ease concerns about the biggest supply disruption in history and turns out to be a key factor undermining Crude Oil prices. That said, the US and Iran remain at odds over Tehran’s nuclear program, tempering hopes for a potential peace deal and acting as a tailwind for the black liquid.

From a technical perspective, Crude Oil prices keep a bearish near-term bias on the back of the recent repeated failures near the $106.00 mark and this week’s breakdown through the 50-day Simple Moving Average (SMA). Moreover, the commodity now seems to have found acceptance below the 50% Fibonacci retracement level of the post-Iran war upswing, validating the negative outlook and backing the case for an extension of the fall witnessed over the past two weeks or so.

Meanwhile, the Relative Strength Index (RSI) is near 40, which, along with a negative Moving Average Convergence Divergence (MACD) histogram, reinforces weakening momentum rather than any immediate recovery attempt. That said, the 61.8% Fibo. retracement at $82.75 could offer the first meaningful support to Crude Oil prices. A convincing break beneath this floor would open the way for a deeper pullback in the current bearish sequence.

On the topside, initial resistance aligns at the reclaimed 50.0% Fibonacci retracement at $88.56, with a denser cap emerging between the 38.2% retracement at $94.36 and the 50-day SMA at $94.91, ahead of the higher 23.6% retracement at $101.55.

(The technical analysis of this story was written with the help of an AI tool.)

WTI daily chart

Octalas AI

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