Last week, benchmark WTI Crude Oil was moving in the 88.20–95.75 range, maintaining high volatility against changes in the geopolitical situation in the Persian Gulf region, and is currently rising against the results of US-Iranian negotiations within the frame of the United Nations (UN) General Assembly meeting.

The price could grow.

On the daily chart, an upward third wave (3) is forming, within which the first wave of lower degree 1 of (3) and the correction as the second wave 2 of (3) have completed, and the third wave 3 of (3) has started. Currently, the wave iii of 3 continues, within which the third wave (iii) of iii has ended, and a correction as the fourth wave (iv) of iii is developing. If the assumption is correct, after its completion, WTI Crude Oil will rise to the area of 110.00–120.00. The critical stop loss level for this scenario is 87.35.

The price of benchmark WTI Crude Oil continues a corrective movement, trading slightly below 100.00, amid increasing geopolitical tension in the Persian Gulf region after reports of armed conflict in Yemen.