During the Asian session, WTI Crude Oil has been actively losing value, trading around 74.02. The downward trend has intensified following the agreement on a framework peace deal between the United States and Iran, which is expected to be signed in person tomorrow in the Swiss Alps.

During the morning session, WTI Crude Oil prices are consolidating around a strong support of 79.00, renewing the low of March 10.

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

On the daily chart, an ascending third wave (3) is currently developing. The first wave of the lower degree, wave 1 of (3), has already formed, while a correction in the form of wave 2 of (3) is currently unfolding. On the four-hour chart, wave c of 2 has formed, within which the fifth wave of the lower degree, wave (v) of c, is currently developing. 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 92.00.

WTI Crude Oil is trading at 95.62, attempting to continue its dynamics against the Middle East conflict escalation, causing the market to expect oil supply disruptions through the Strait of Hormuz and energy price growth.