WTI Price Forecast: Oil Set to Break Above $76 as Iran Strike Delayed

WTI Price Forecast: Oil Sets Sights on $76 as Strike on Iran Postponed

Key Developments:

WTI pulls back to $73.70 after reaching a nearly five-month high at $75.54.
White House confirms no immediate military action on Iran.
Ascending Triangle pattern on the hourly chart suggests a bullish breakout.
US Dollar Index (DXY) retreats from recent highs, easing pressure on commodities.

Market Overview

West Texas Intermediate (WTI) crude futures slipped early Friday but rebounded during the Asian session following a White House statement indicating that no near-term military action against Iran is planned. Oil prices had surged on fears of direct US involvement in the Middle East, but those concerns have now partially eased.

Analyst Insight

Iran Strike Delay Eases Supply Concerns

US Press Secretary Karoline Leavitt stated Thursday that there remains a window for diplomatic negotiations with Iran. This statement reduces fears of immediate supply disruptions and helped cool the recent oil rally. However, uncertainty remains, with Washington reserving the right to act within two weeks.

Technical Outlook – Watch the $76 Breakout

The hourly WTI chart reveals an Ascending Triangle, a classic continuation pattern indicating volatility contraction before a breakout. Key resistance remains near $75.55–$76.00, and a clear move above that level could open the door toward $78 and beyond.

Meanwhile, the 100-hour SMA provides initial support near $73.00, with deeper support at $71.50 if volatility rises unexpectedly.

DXY Weakens – Tailwind for Oil

The US Dollar Index (DXY) eased to 98.60, down from its recent peak at 99.15. This decline typically supports dollar-denominated assets like oil, as they become cheaper for foreign buyers.