WTI Oil steadies below $98.00 amid mild hopes of an US-Iran peace deal

💡 DMK Insight

Crude oil’s struggle to break above $98 is a red flag for bulls right now. With prices nearing 10-day lows and a nearly 4% weekly decline, the market’s bearish sentiment is palpable. Traders should be wary of further downside, especially if we see sustained pressure below the $98 mark. This level has become a significant resistance point, and failure to reclaim it could trigger more selling. Watch for potential support around the $95 level, which could be a critical pivot for short-term trades. If oil continues to slide, it could impact related markets like energy stocks and even broader commodities, as sentiment shifts towards risk-off. On the flip side, if there’s a surprise bullish catalyst—like geopolitical tensions or unexpected supply cuts—traders might want to position for a quick reversal. But for now, the trend is clearly down, and caution is warranted.