**BREAKING: WTI Crude Holds Above $75.50 Amid Iran Tensions as Technical Support Tested**
West Texas Intermediate crude oil is trading above $75.50 Friday morning following an overnight rebound from $72.80, its lowest point since early March. The US benchmark is consolidating in a tight range during Asian trading hours after failing to sustain momentum from Thursday’s recovery attempt.
Geopolitical uncertainty surrounding Iran is providing underlying support to oil prices despite broader market volatility. The commodity remains critically positioned near its 200-day simple moving average, a key technical indicator traders are watching closely for directional cues.
The narrow trading band suggests market participants are hesitant to commit ahead of potential developments in Middle East tensions. Energy traders and commodities-linked currency pairs including CAD and NOK are experiencing increased volatility as positioning adjusts around the $75 handle.
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FXnCO Insight
** Watch the 200-day SMA closely—a decisive break below $72.80 could trigger accelerated selling toward $70, while geopolitical escalation offers upside potential above $76.50.
Source: FXStreet