Oil News: Crude Oil Futures Hold 50-Day MA as Iran Peace Talks Hang in Balance
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Key Points:
- June WTI crude oil futures hold the 50-day MA at $90.58 for the third time this week as buyers defend support.
- July Brent crude oil futures stay in an uptrend despite this week's selloff with the 50-day MA at $92.40 holding.
- Iran is reviewing a U.S. peace proposal through Pakistani mediators with no answer yet and oil markets on edge.
June WTI Holds the 50-Day MA While Washington and Tehran Play Chicken
June WTI crude oil futures are modestly higher Friday and the 50-day moving average at $90.58 has now stopped the selling three times this week. That is not a coincidence. The Strait of Hormuz is still the center of everything, Trump called Thursday’s exchange of fire “just a love tap,” and Secretary of State Marco Rubio is waiting on Tehran’s answer to a peace proposal. One level on the chart and one phone call from Tehran decides where June WTI goes next. Here is the setup.