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WTI Price Forecast: Refreshes weekly high at $82.70 as oil supply uncertainty deepens
- The Oil price posts a fresh weekly high near $82.70 amid uncertainty over the Strait of Hormuz reopening.
- US President Trump has also voiced a demand for war reparations.
- Iran and Oman are expected to finalize the Hormuz management framework soon.
West Texas Intermediate (WTI), futures on NYMEX, trade 1.55% higher at around $82.70 during the European trading session on Tuesday, the highest level seen in over a week. The oil price strengthens as uncertainty regarding the reopening of the Strait of Hormuz, a critical chokepoint to almost one-fifth of global energy supply, has deepened, following remarks from United States (US) President Donald Trump over Iran’s compensation demand.
On Monday, US President Trump said, through a post on Truth Social, that Washington also demands reparations for the war, as Iran wants. Trump added, “Iran should be responsible for the damages and death caused to the people of Lebanon, Syria, Yemen and Gaza.”
This has escalated uncertainty regarding the resumption of navigation through the Hormuz. Over the weekend, Iran outlined various conditions for Hormuz opening, notably compensation for war damage, unfreezing Iranian assets, removal of the US naval blockade on Iranian sea ports, and lifting of sanctions.
Meanwhile, investors seek remarks from Iran and Oman regarding their proposed framework for managing traffic near Hormuz. The finalization of the framework is expected to face backlash from global leaders who have historically endorsed freedom of navigation through the passage.
WTI Technical Analysis
The WTI US Oil trades sharply higher at around $82.65, maintaining a bullish near-term bias as price holds above the 20-day exponential moving average (EMA) at $79.76.
Spot above this key trend indicator suggests underlying demand remains in control, while the Relative Strength Index (RSI) at 54.11 stays in neutral territory, hinting at steady rather than overstretched upside momentum after the recent recovery from the mid-$70s.
On the downside, initial support is seen at the 20-day EMA around $79.76, which reinforces the $80 area as a near-term floor, followed by deeper demand from the recent consolidation lows in the mid-$70s region. Looking up, the oil price will likely extend the advance towards the July 31 high at $85.11; above that, the July 23 high at $92.25 is the key resistance level.
