WTI Crude Oil quotes are adjusting around 95.0 dollars per barrel amid ongoing geopolitical tensions in the Middle East: Iranian forces launched ballistic missile and unmanned aerial vehicle attacks on targets in Kuwait and Bahrain, while, according to official Tehran representatives, the intended targets were US military bases and the Fifth Fleet Command Centre.

During the morning session, WTI Crude Oil prices are correcting after significant strengthening on the previous day, testing 89.40, while investors await further development of the situation in the Persian Gulf region.

The price is in correction, the probability of decline remains.

On the daily chart, a correction has formed as the higher-degree wave (2), while an upward third wave (3) is developing, including the first lower-degree wave 1 of (3). On the four-hour timeframe, the downward correction continues to develop as the second wave of wave (3), within which wave c of wave 2 is forming. If this scenario proves correct, the downward trend is expected to continue toward the 77.75–67.00 area, with the critical stop loss level for this scenario at 94.00.

The price of WTI Crude Oil is moving in a wide sideways range of 84.00–106.25 under the influence of new geopolitical signals.