WTI Price: Trading around $74.60, extending gains in European trading hours.
Key Drivers Today:
Geopolitical Risk:
Tensions between Israel and Iran are rising.
Trump called for Iran’s “unconditional surrender,” increasing fears of US involvement.
Iran may shut the Strait of Hormuz — a key oil shipping route — which could disrupt supply and push prices higher.
Bullish API Inventory Data:
US crude stockpiles dropped by 10.1 million barrels last week (vs. -0.6M expected).
Signals strong demand or tighter supply, adding bullish pressure to WTI.
Trading Implication:
Geopolitical risk + surprise inventory draw = bullish bias for WTI.
Watch for momentum toward $77.20 resistance, with support near $71.80.
Eyes now on EIA data for confirmation and any new Middle East headlines for further upside.
Key Support and Resistance Levels
Resistance Level 1: 77.20
Resistance Level 2: 7940
Resistance Level 3: 82.00
Support Level 1: 71.80
Support Level 2: 70.00
Support Level 3: 69.00
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Drivers Today:
Geopolitical Risk:
Tensions between Israel and Iran are rising.
Trump called for Iran’s “unconditional surrender,” increasing fears of US involvement.
Iran may shut the Strait of Hormuz — a key oil shipping route — which could disrupt supply and push prices higher.
Bullish API Inventory Data:
US crude stockpiles dropped by 10.1 million barrels last week (vs. -0.6M expected).
Signals strong demand or tighter supply, adding bullish pressure to WTI.
Trading Implication:
Geopolitical risk + surprise inventory draw = bullish bias for WTI.
Watch for momentum toward $77.20 resistance, with support near $71.80.
Eyes now on EIA data for confirmation and any new Middle East headlines for further upside.
Key Support and Resistance Levels
Resistance Level 1: 77.20
Resistance Level 2: 7940
Resistance Level 3: 82.00
Support Level 1: 71.80
Support Level 2: 70.00
Support Level 3: 69.00
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.