Energy market tensions are receding after Iran, Israel trade blows. Fears of an escalating Middle East war are slipping back after Iran blinks. US supplies continue to outpace demand, limiting topside supply crunch. Iran’s current de-escalation has given barrel markets a breather, and prices have slid back as market tensions ease. West Texas Intermediate US Crude Oil is exploring the low side of the $82.00 handle after declining from a near-term peak near $87.00.
US Crude reserves continue to defy gravity despite broadexpectations of steep supply constraints in energy markets. US API barrel counts have been trending higher overall for some time. WTI Crude Oil technical outlook Geopolitical tensions continue to expose Crude Oil prices to upside volatility, but prices have continued to drift into the low end in the near term. Intraday action is on the bearish side of the 200-hour Exponential Moving Average near $83.30. The $81.