FX.co ★ CL/Crude Oil

West Texas Intermediate (WTI)—the benchmark US Crude Oil price—attracted fresh selling pressure during the Asian session on Tuesday, sliding back toward the $91.75 region to drop over 0.70% on the day and snapping a three-day winning streak that had previously pushed prices toward a two-week peak. Despite this intraday pullback, downside momentum remains cushioned by an escalating geopolitical risk premium across key energy-producing regions. In the Middle East, the Iran-backed Houthi movement in Yemen intensified its military campaign against Saudi Arabia, launching additional missile strikes on Monday following deadly attacks over the weekend targeting Riyadh’s King Khalid International Airport. In response, Saudi authorities vowed swift retaliation, while US President Donald Trump raised the prospect of joining military strikes against Houthi infrastructure and potentially resuming direct attacks against Iranian targets. Compounding global supply anxieties, Ukrainian President Volodymyr Zelenskyy accused Russia of violating an "energy ceasefire" previously outlined by the US administration. These persistent geopolitical tensions continue to inject underlying support into crude markets, cautioning aggressive bears against assuming that the recent price recovery from multi-week lows has fully exhausted its momentum. From a technical chart perspective, WTI crude retains a broader constructive bullish posture, holding comfortably above its long-term 200-day Simple Moving Average (SMA) stationed at $82.75. Spot prices are currently hovering just above the 38.2% Fibonacci retracement level at $91.27, which defines an immediate structural demand zone during this temporary consolidation phase. Daily momentum indicators present a mixed technical environment: the Moving Average Convergence Divergence (MACD) histogram remains positioned slightly below its zero line to reflect a temporary deceleration in upward momentum, whereas the Relative Strength Index (RSI) hovers near 52 to signal a neutral-to-positive tone, confirming that underlying bullish pressure remains intact without entering overbought conditions. A decisive daily break beneath the 38.2% Fibonacci level at $91.27 would be required to pave the way for a deeper corrective pullback toward lower Fibonacci support floors mapped at $87.85 and $84.43. Should selling pressure extend beneath those intermediate retracement levels, secondary structural support rests at the 78.6% Fibonacci level at $79.57, with the prior major cycle low at $73.37 acting as a distant floor guarding the long-term trend. On the topside, immediate technical resistance is anchored at the 23.6% Fibonacci retracement level of $95.49. A sustained daily breakout above this overhead ceiling would re-energize bullish momentum, reopening the technical path toward the major cycle high near $102.33, a level that is expected to serve as a formidable resistance barrier unless geopolitical disruptions or supply deficits trigger an aggressive secondary rally.