WTI Price Forecast: Approaches over two-month high above $107

West Texas Intermediate (WTI), futures on NYMEX, is up 0.7% higher to near $102.75 during the European trading session on Tuesday. The Oil price trades higher as the global energy crisis remains intact due to the prolonged closure of the Strait of Hormuz, a critical passage to almost 20% of global energy supply.

Financial market participants remain uncertain over the Hormuz future as the United States (US) and Iran have not reached a deal yet. However, latest comments from US President Donald Trump showed on Monday that Washington had “very positive development” in talks with Iran and that there was “a very good chance” they could reach a deal, The Guardian reported.

On Monday, a spokesperson from Iran’s Foreign Ministry also said that negotiations with the US through Pakistan are still ongoing and Tehran is “focused on ending the war at this stage”.

Earlier in the day, Iran’s Deputy Foreign Minister Kazem Gharibabadi said that lifting sanctions, releasing frozen funds, and ending US blockade on Iran are major demands in the new proposal delivered.

Meanwhile, growing expectations that the Federal Reserve (Fed) will not cut interest rates this year could weigh slightly on the oil price’s upside.

WTI technical analysis

WTI US Oil trades higher at around $102.75 as of writing. The oil price reflects a bullish bias as it holds well above the 20-day Exponential Moving Average (EMA) at $97.50.

The 14-day Relative Strength Index (RSI) around 59 stays in positive territory without yet signaling overbought conditions, hinting that upside momentum remains constructive.

On the downside, initial support is located at the 20-day EMA near $97.50, where a pullback could attract dip-buying interest as long as this level holds on a daily closing basis. A sustained break below this moving average would weaken the immediate bullish structure and expose a deeper correction toward the May 11 low of $93.34. Looking up, the Oil price aims to extend its advance towards an over two-month high of $107.35.

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