WTI Crude Oil Price Forecast: Weak Trend Strength Keeps WTI Below 100-Day SMA

WTI crude oil is currently trading at $84.08, with a steady tone on Tuesday. In the previous trading session, oil prices jumped nearly 3%. Due to a lack of substantial progress on reopening the Strait of Hormuz, energy markets continue to maintain a geopolitical risk premium. Trend strength is currently weak, with prices still below the 100-day simple moving average.