WTI and Brent tick up as markets await US-Iran talks

On Thursday, WTI and Brent oil prices edged higher as traders awaited the restart of US-Iran talks and monitored supply risks in the Gulf. WTI rose from an intraday low of $87.20 toward its 4-hour 200-period moving average near $94.30. Brent remained inside a $95–$107 trading band.

Diplomatic developments moved markets. US-Iran discussions were postponed into the weekend and a ceasefire was reported between Israel and Lebanon. Those developments prompted buying that helped push WTI up from earlier lows, while ongoing physical delivery concerns limited gains.

The International Energy Agency has reported delivery disruptions in Gulf shipments since late February. Traders continue to flag the Strait of Hormuz as a supply chokepoint for crude buyers.

Futures market structure indicated tightness in nearby supply. On April 15 the front-month futures were in backwardation, with near-term contracts trading at a premium to later months. Market participants say that pattern reflects urgency among physical buyers and can raise costs for sellers and hedgers. Price differences across regions, notably higher barrel prices in parts of Asia, added strain to supply networks.

On technical charts, WTI met resistance near the 4-hour 200-period moving average around $94.30. Market participants noted that failure to hold above about $90 would likely keep trade within a broad $90–$100 band while traders wait for clearer direction. Short-term upside levels include daily highs near $113.50–$114.50 and channel highs around $117–$120. Support areas are near $93–$95, $87–$90 and lower war-related supports in the $78–$80 range.

Brent tested its 50- and 200-period 4-hour moving averages and traded inside the $95–$107 range. A decisive daily close below $95 would expose further downside, while a clean break above $107 would open a path to higher levels. Resistance points include $100–$102 and $105–$107, with additional range resistance around $111–$114. Key support sits at $95–$97 and the pre-war gap near $75.

Volatility has eased from earlier spikes but recent gains in calm have largely stalled as geopolitical news remains uncertain. Equity markets advanced on short covering and options flows, while energy prices continue to respond to reported delivery and logistics issues. Analyst Elior Manier observed that bids during selloffs have supported recent rallies and that a closure of the Strait of Hormuz would keep upward pressure on prices.

Market participants said they will monitor the timing and outcome of the US-Iran talks, IEA delivery reports from the Gulf, and near-term technical closes to assess whether price moves extend beyond current ranges.