WTI Price Forecast: Key support emerges near $95.00 at the confluence of the H4 200-SMA and trend line.

• WTI remains under modest selling pressure for the third consecutive day, albeit without strong bearish momentum.
• Uncertainty surrounding a possible US-Iran peace agreement continues to offer support to the black liquid.
• Meanwhile, the technical backdrop suggests caution before placing aggressive bullish bets or anticipating a sustained upside move.

West Texas Intermediate (WTI), the US benchmark for Crude Oil, extends its decline for a third straight session and trades around the mid-$96.00s during Friday’s Asian session. Despite the weakness, prices remain above Thursday’s nearly two-week low near the key $95.00 psychological level.

A senior Iranian official stated that no agreement has yet been finalized with the United States, although negotiations have reportedly narrowed existing gaps. Even so, market participants remain doubtful about the prospects of a US-Iran peace deal due to persistent disputes over Tehran’s nuclear ambitions and tensions surrounding the strategic Strait of Hormuz. The ongoing geopolitical uncertainty continues to lend support to Crude Oil prices and limits the scope for aggressive bearish positioning.

From a technical standpoint, the black liquid continues to trade above a significant support zone despite fading momentum, hovering near the 38.2% Fibonacci retracement of the April rally. Additional support comes from the 200-period Simple Moving Average (SMA) around $95.09 and an ascending trend-line near $95.49, both of which continue to reinforce the broader bullish structure.

Nevertheless, bearish signals are gradually strengthening. The Relative Strength Index (RSI) remains close to 36, while the Moving Average Convergence Divergence (MACD) stays in negative territory, indicating increasing downside pressure. As a result, recovery attempts could remain limited unless buyers reclaim the nearby resistance at the 23.6% Fibonacci retracement around $100.42. A sustained move above that level would be required to revive bullish momentum and target recent highs again.

On the downside, initial support is seen near the 38.2% Fibonacci retracement at $96.32, followed by the trend-line support around $95.49 and the 200-period SMA near $95.09. A decisive break below this support cluster could accelerate losses toward the next Fibonacci levels at $93.00 and $89.69, potentially shifting the medium-term outlook firmly in favor of sellers.