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WTI Price Sticks to losses below $89.00; bearish setup backs further weakness
- WTI attracts some follow-through sellers on Tuesday in reaction to the Israel-Iran truce.
- The US-Iran peace deal uncertainty keeps geopolitical risks in play and helps limit losses.
- The technical setup favors bears and backs the case for further near-term depreciation.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – extends the previous day’s sharp retracement slide from the vicinity of mid-$93.00s and attracts some follow-through selling during the Asian session on Tuesday. The commodity trades around the $88.75 region, down over 1% for the day, though it lacks bearish conviction as traders await further progress in the broader Middle East conflict.
Iran and Israel said on Monday they had halted attacks on each other after an appeal from US President Donald Trump, easing geopolitical tensions and exerting pressure on Crude Oil prices. However, Iran warned it would resume hostilities if ? Israel continued to hit Hezbollah in Lebanon. Adding to this, the US-Iran standoff over Tehran’s nuclear program and the Strait of Hormuz keep geopolitical risk premiums in play, helping limit losses for the black liquid.
The commodity retains a bearish near-term bias below the 200-period Simple Moving Average (SMA) on the 4-hour chart, which acts as the primary topside cap. Furthermore, the Moving Average Convergence Divergence (MACD) indicator remains below the zero line, and a broadly negative profile hints that downside momentum persists. Adding to this, the Relative Strength Index (RSI) around 42 suggests subdued demand rather than oversold conditions.
The aforementioned technical setup keeps the door open for further weakness if selling resumes. Meanwhile, the immediate downside focus stays on a strong horizontal support between $86.50 and $86.00. A convincing break below would leave Crude Oil prices vulnerable to renewed selling toward sub-$81.00 levels, or the April monthly swing low.
On the topside, initial resistance is defined by the 200-period SMA at $95.25, and bulls would need a sustained recovery above this barrier to ease the prevailing bearish structure on the four-hour chart. Nevertheless, momentum indicators currently argue that rallies are more likely to face selling pressure beneath the medium-term average.
(The technical analysis of this story was written with the help of an AI tool.)
WTI 4-hour chart
