Crude oil futures settle at $79.26
Crude oil futures settled at $79.26, down $3.35 or -4.06% on the day. Prices traded in a wide range, reaching a session high of $82.43 before selling accelerated into the close. The decline took WTI to a low of $77.78, where buyers emerged after the price tested the upper end of a key swing area between $77.11 and $77.93.
That support zone remains an important technical barometer. A sustained break below it would increase the bearish bias and shift the focus toward the 200-day moving average at $75.36, the next major downside target. On the topside, today's high near $82.43 is the first level sellers will look to defend if prices attempt to rebound.
The decline in crude oil today was driven primarily by a sharp unwinding of the geopolitical risk premium rather than a sudden change in supply or demand fundamentals. Key drivers include:
- Middle East tensions eased. The market continued to price out the risk premium after the U.S. paused additional military strikes on Iran, raising hopes that the conflict will not escalate further.
- Diplomatic optimism increased. President Trump said the U.S. was having "good" or "deep" talks with Iran, fueling expectations that negotiations could reduce the risk of further supply disruptions. Although Iran denied direct talks, traders focused on the reduced likelihood of an immediate military escalation.
- Reduced concern over the Strait of Hormuz. Oman has reportedly been working with regional countries on proposals to improve shipping through the Strait of Hormuz. Even though traffic remains below normal, the perception that the critical shipping lane is less likely to be disrupted weighed on oil prices.
- Profit-taking after the war-driven rally. WTI had surged above $93 on fears of prolonged conflict. As those fears eased, traders locked in gains, accelerating the decline. Analysts noted that much of the selling reflected the removal of the geopolitical premium rather than deteriorating physical market conditions.
- Potential for more global supply. Markets also looked ahead to the possibility that a broader easing of geopolitical tensions—including discussions surrounding Russia-Ukraine—could eventually increase global crude exports, adding to the bearish ton
Not so bearish news is that Isreael PM Netanyahu was in Washington meeting with Pres. Trump. He told Trump that more strikes on Iran Nuclear facilities was needed as they have been "rehabilitated".
This article was written by Greg Michalowski at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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