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US President Trump: Iran has not paid salaries to a large number of its military personnel.US President Trump: The humanitarian crisis in Iran must stop immediately.On August 25th, Anwar Gargash, advisor to the UAE president, stated that Irans attacks on Gulf states have weakened its own position and suggested that Tehran should cooperate with its neighbors to end the conflict. Gargash stated, "As the US-Iran confrontation enters a new phase characterized by escalating economic pressure, the end of attempts to control the Strait of Hormuz, and the conclusion of the memorandum of understanding phase, we reiterate that Irans aggression against the Arab Gulf states has not achieved its intended objectives; it has only deepened Tehrans predicament and proven to be a seriously misguided strategic choice, exacerbating Irans isolation and weakening its own position." "The way to end this war is not through attacking the Arab Gulf states, but through cooperation with them to pave the way for de-escalation and a political solution to the conflict."On August 25, a spokesperson for the Qatari Ministry of Foreign Affairs stated that Qatar opposes Irans attempts to drag regional countries into war should a third party attack it. He also indicated that Gulf states have fully coordinated on the possibility of escalation. The Qatari Ministry of Foreign Affairs stated that the situation in the Strait of Hormuz should return to its pre-crisis state and emphasized the necessity of freedom of navigation.On August 25, a spokesperson for the Qatari Ministry of Foreign Affairs stated that the US sanctions against Iran are unilateral, and Qatar supports mediation efforts to resolve the dispute between the two countries.

WTI Price Analysis: Oil purchasers must sustain a break above $80.00 to maintain control

Daniel Rogers

Apr 04, 2023 13:39

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WTI crude oil prices remain stagnant near $80.30 as commodity traders search for fresh impetus to extend Tuesday's largest daily gain in 11 months. Thus, the price of black gold oscillates around a seven-week-old resistance line with an overbought RSI. (14).

 

WTI purchasers are challenged by not only the $81.00 trend line barrier and the overbought RSI (14) but also the waning bullish bias of the MACD and multiple peaks marked during January 2023 around $82.70.

 

In the event that the energy benchmark surpasses $82.70, the Oil bears' last line of defense could be a rise to a high near $83.30 in December 2022.

 

In contrast, pullbacks can target the $80.00 round number and the $79.00 swing low from late Monday.

 

However, a rising support line from March 24 and the 200-day simple moving average, respectively near $76.15 and $74.35, could pose a threat to Oil skeptics in the future.

 

Should WTI bears maintain control beyond $74.35, a two-week-long support line near $70.80 and the psychological threshold of $70.00 can entice Oil sellers.

 

Buyers of WTI crude oil appear to be running out of steam, but the bears have a considerable distance to travel before regaining control.

 

 


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