However, geopolitical risks are creating market uncertainty. Iran plans to submit a counter-proposal on its nuclear program, pushing back against a US offer. If sanctions are eased, Iran could increase oil exports, putting downward pressure on prices. As OPEC’s third-largest producer, Iran’s return to global markets would significantly alter the supply landscape.
Meanwhile, OPEC oil output increased in May, though the gains were modest. Iraq reduced production to offset earlier excesses, while Saudi Arabia and the UAE made only small increases. However, OPEC+ is beginning to unwind earlier cuts.
WTI Crude Oil Technical Analysis
WTI Oil Daily Chart – Double Bottom
The daily chart for WTI crude oil shows that the price has formed a double bottom around the $55 area and has initiated a rebound toward the key level of $66. A break above $68, the 200-day SMA, would signal a strong move toward the $74 area. However, a break below $60 would keep the price in a downward trend.
