{
  "type": "article",
  "title": "WTI Oil holds near $84.00 as Trump rejects truce extension with Iran",
  "summary": "West Texas Intermediate crude holds steady around $84.00 during early Asian trading after Donald Trump dismissed extending the MoU with Iran.",
  "content": "West Texas Intermediate crude oil prices are holding relatively steady near the $84.00 mark during Tuesday's early Asian trading hours. Market participants continue to evaluate ongoing developments and geopolitical tensions surrounding the Middle East conflict. According to live market data, crude oil is currently changing hands at $84.17, edging down by 0.39 percent from its previous close of $84.50. The asset has traded within a 52-week range spanning from $54.98 to $119.48.\n\nTrump Rejects MoU Extension with Iran\n\nThe diplomatic arrangement signed between the United States and Iran back in June to halt hostilities is facing a roadblock, as both nations have ruled out an extension of the Memorandum of Understanding. Reports indicate that US President Donald Trump stated he has no interest in renewing the expiring pact with Tehran. Meanwhile, an Iranian official responded by warning that domestic entities must stay prepared to escalate tensions in the Strait of Hormuz and the wider region, asserting readiness to make difficult decisions.\n\nIranian Foreign Ministry Cites Obstacles\n\nIran's Foreign Ministry spokesman Esmail Baghaei pointed out on Monday that reaching a lasting agreement has remained elusive due to deep-seated security complexities and obstructionist behavior from destructive elements, while reiterating demands for the US to lift its blockade. Traders are now shifting their focus toward the upcoming weekly crude oil inventory report from the American Petroleum Institute, which is scheduled for publication later on Tuesday. A larger-than-expected drawdown in crude supplies typically signals stronger demand and can offer price support, whereas an unexpected build points toward excess supply or softer demand.\n\nTechnical Outlook and Moving Averages\n\nOn the daily price chart, WTI crude maintains a near-term bearish bias by staying below its 100-day Simple Moving Average. At the same time, prices remain above the Bollinger Bands 20-day middle band, hinting at underlying buying interest, though the broader structure remains capped by longer-term averages. The 14-day Relative Strength Index sits at 55, lingering above the neutral 50 threshold to suggest modest positive momentum that has not yet broken through immediate overhead barriers.\n\nKey Resistance and Support Levels\n\nOn the topside, initial resistance lines up near the 100-day SMA around $86.20, followed by the upper Bollinger band near $90.25 where selling pressure could mount. On the downside, immediate support rests at the Bollinger middle band near $81.70, with a deeper floor positioned close to the lower Bollinger band at $73.15. Live technical indicators show the MACD reading at 0.70 against a signal line of 0.36, indicating bullish divergence, while the ADX at 16 points to a weak or ranging market environment.\n\nUnderstanding WTI Crude Oil Basics\n\nWest Texas Intermediate is a primary global benchmark for crude oil, alongside Brent and Dubai Crude. It is characterized as a light and sweet crude due to its low gravity and sulfur content, making it a high-quality product that is easily refined. Sourced primarily in the United States and distributed through the Cushing hub, often dubbed the pipeline crossroads of the world, WTI prices serve as a vital reference point across international media.\n\nMarket Drivers and Supply Dynamics\n\nLike most financial assets, WTI prices are fundamentally driven by global supply and demand. Broad economic growth boosts consumption, while economic slowdowns dampen it. Geopolitical instability, armed conflicts, and economic sanctions routinely disrupt supply chains. Additionally, output policies set by OPEC and its allies play a major role in shaping market trends, while fluctuations in the US Dollar exert an inverse pressure since oil is predominantly priced in greenbacks.\n\nInventory Reports and OPEC Quotas\n\nWeekly inventory metrics released by the American Petroleum Institute and the Energy Information Administration provide crucial insights into shifting market balances. While API reports arrive every Tuesday, the EIA report follows a day later and is widely regarded for its official government accuracy. Furthermore, production quotas established during bi-annual meetings of OPEC and the expanded OPEC+ alliance remain pivotal in regulating global crude supplies and managing price volatility.\n\nWhat this means for you\nFluctuations in crude oil prices and geopolitical tensions carry direct implications for everyday consumers and global markets.\n\n• Across India: Stable crude prices help insulate domestic retail fuel rates for petrol and diesel, keeping broader inflation pressures in check.\n• Globally: Ongoing tensions create volatility in energy markets, requiring investors and energy-dependent industries to monitor supply risks closely.\n\nQuestions & Answers\n\n1. What is the current trading price of WTI crude oil?\nWTI crude oil is currently trading around $84.17 per barrel.\n\n2. What did Donald Trump announce regarding the agreement with Iran?\nUS President Donald Trump stated that he is not interested in extending the expiring memorandum of understanding with Tehran.\n\n3. When is the API weekly crude oil report published?\nThe American Petroleum Institute weekly crude oil inventory report is published every Tuesday.\n\n4. What are the primary drivers of WTI crude oil prices?\nGlobal supply and demand dynamics, geopolitical instability, OPEC production decisions, and the strength of the US Dollar are the main price drivers.",
  "url": "https://trendkia.com/en/market/wti-oil-holds-near-84-00-as-donald-trump-rejects-truce-extension-with-iran-17953",
  "category": "Market",
  "publishedAt": "2026-08-18",
  "tags": [
    "Crude Oil",
    "WTI",
    "Donald Trump",
    "Iran",
    "Oil Prices",
    "OPEC",
    "Market News",
    "finance"
  ],
  "language": "en",
  "site": "TrendKia"
}