ETO Markets Global Pulse: WTI Hits 90.63 as Iran Risk Returns

Market Review

According to ETO Markets monitoring, on September 2 (Wednesday), WTI crude closed near USD 90.63 per barrel in volatile trading. Brent crude edged higher and closed at USD 95.21 per barrel.

Both benchmarks briefly touched their highest levels since July 24, driven by renewed large-scale military exchanges between the US and Iran.

On September 3 (Thursday) during early Asian trading, WTI crude traded near USD 90.70 per barrel. Although the escalation lifted geopolitical risk premium, Trump said the latest strikes on Iran would not “last too long,” limiting further upside in oil prices.

Global Headlines

Trump Says Iran Strikes Short

Trump said the renewed strikes on Iran may not last long and repeated that the US controls the Strait of Hormuz. He said US forces had destroyed new Iranian equipment deployed near the strait, including defensive and offensive systems. Trump also said the previous round of strikes was very strong, and that the US is ready to launch another round at any time. On Truth Social, he also suggested renaming the Strait of Hormuz the “Trump Strait.”

Qalibaf Sets Strait Reopening Terms

Iranian Parliament Speaker Qalibaf said the US must first fulfill its commitments before Iran takes action to reopen the Strait of Hormuz. He said Iran does not reject talks, but views negotiations as a tool of struggle. In the first clause of the US-Iran memorandum discussion, Iran demanded an end to the war against Iran and its Resistance Axis allies, while the opposing draft required Iran to fully stop missile, nuclear, and Resistance-related activities.

US Venezuela Sign Oil Agreements

After Venezuelan acting President Delcy Rodríguez met US Energy Secretary Wright, the two countries formally signed multiple cooperation agreements. Venezuela and US companies, including Chevron, signed agreements on oil expansion projects. Trump previously said the US had reached a deal with Venezuela to gain majority control over more than 65 billion barrels of its proven oil reserves. Rodríguez said the agreement will last 25 years and aims to raise crude output to 1.5 million barrels per day.

Beige Book Shows Moderate Growth

The FED Beige Book showed that US economic activity has grown moderately since early July. Among 12 FED districts, 10 reported slight to moderate growth, while two were unchanged. Consumer spending increased slightly, but price sensitivity rose. Auto sales were pressured by weak confidence, high oil prices, and higher financing costs. Manufacturing improved in most districts, supported by strong demand from defense and data center orders.

Dutch Central Bank Moves Gold

The Dutch central bank transferred around 86 tonnes of gold reserves from New York and Ottawa to London, worth about USD 12 billion, citing rising global geopolitical turmoil. The transfer took place from March to August and represented more than a quarter of its gold previously stored in the US and Canada. London now holds nearly one-third of the Netherlands‘ gold reserves, making it the country’s largest storage location.

ETO Markets Analyst View (WTI Oil)

From the daily structure, WTI crude remains in a constructive and relatively firm setup. Prices are holding above the 100-day and 200-day simple moving averages.

However, the USD 90 to USD 92 range remains a key short-term resistance zone and continues to limit immediate upside. If WTI breaks and holds above USD 92, prices may further test the USD 95 area and extend toward the USD 100 psychological level.

On the downside, initial support is near the USD 85 area around the 100-day simple moving average. A clear break below this level could point toward the USD 77 area near the 200-day simple moving average. If both moving average supports fail, the USD 67 to USD 65 horizontal support zone may return to focus.

RSI is near 64, while MACD remains in positive territory, suggesting that short-term momentum is still constructive. However, ADX is close to 16, showing that the broader uptrend is not yet strong. Prices still need clearer breakout confirmation.

The market continues to reprice US-Iran military tensions, conditions for reopening the Strait of Hormuz, US-Venezuela oil cooperation, and FED economic signals. Short-term volatility may continue. Traders should carefully assess market timing and risk exposure.

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