Today, on Tuesday, West Texas Intermediate (WTI), the benchmark for US crude, is rising for a second consecutive day and has reached its highest level since July 23. Bulls are looking to extend the upside momentum after WTI cleared the round $92.00 level amid an escalation in tensions between the United States and Iran.

Against the backdrop of recent events in the Middle East crisis, US forces struck over the weekend, disabling three Iranian oil tankers in response to a missile strike by the Islamic Revolutionary Guard Corps (IRGC) on two US naval vessels in the region. This sequence of events supports a geopolitical risk premium and continues to push oil prices higher.

Renewed hostilities between the US and Iran highlight the fragility of any tentative agreement and show how quickly sentiment around supply security can change. Geopolitical tensions amplify vulnerability in the current energy-market d?tente.

Iran has intensified threats of retaliatory measures against further US attacks on its assets, warning that energy infrastructure in the Persian Gulf could be exposed. In addition, Mohsen Rezaee, head of Iran's security service, said Tehran is prepared to impose a full blockade of the Strait of Hormuz in response to economic sanctions, increasing the risk of prolonged supply disruptions.

These factors are contributing to the oil-price rally and underpin a constructive outlook that assumes any pullback will be seen as a buying opportunity and remain limited. The next near-term hurdle is the July high at around $93.25; clearing that level would open the way for further gains.

Short-term technicals remain bullish as WTI is trading above the 100-day simple moving average (SMA). Oscillators are positive, confirming the bulls' advantage. The Relative Strength Index (RSI) is approaching overbought territory, warning of an imminent consolidation. The MACD is also positive, with the signal line producing a positive and slightly widening histogram, indicating ongoing upward pressure.

On the downside, initial support is at the 9-day EMA, below the round $87.00 level. Resistance is at $93.25, ahead of the round $94.00 mark.