Marco Rubio

WTI crude oil has fallen sharply over the past three days as market participants reassess the risk of near-term military escalation in the Middle East. Technical traders are focused on whether prices can hold below $81.000, with support near $80.550 and a lower target at $78.800.

Crude prices slipped Friday after reports of renewed diplomatic efforts involving Iran, Pakistan and China encouraged profit-taking. The move did little to erase the week’s surge, with WTI up 9.21% and Brent higher by 9.85% as shipping risks around Hormuz and the Red Sea remained elevated.