ETO Markets Global Pulse: WTI Jumps 3%, Retreats to 95.44

Market Review

According to ETO Markets monitoring, on June 3 (Wednesday), WTI crude rose more than 3%, briefly touching a one-week high near USD 97 per barrel before closing at USD 96.20. Renewed Middle East tensions and limited progress in US-Iran talks supported short-term oil strength.

On June 4 (Thursday) during early Asian trading, WTI crude traded near USD 95.44 per barrel. Lebanon and Israel agreed to implement a ceasefire and establish pilot zones, limiting further upside in oil prices. Short-term price action has shifted into high-level consolidation.

Global Headlines

House Limits Iran War Powers

The US House of Representatives passed a resolution aimed at limiting Trumps authority to use military force against Iran and calling for an end to military operations. Trump said US-Iran talks were progressing well and that a new round could take place this weekend. He added that if an agreement is signed, the Strait of Hormuz would reopen immediately.

Trump Warns Casualties End Ceasefire

US officials said Trump privately told aides that he may consider ending the ceasefire with Iran if Tehran causes US military deaths. Officials also said the current pause in airstrikes remains in place. Trump is not seeking to restart the conflict for now, as he wants to avoid a wider Middle East war.

Blockade May Last Through September

Trump said the US naval blockade on Iran could last until Labor Day on September 7. However, he said this outcome is unlikely, as US-Iran talks are moving quickly and a deal may be reached. He repeated that the US will not allow Iran to possess nuclear weapons.

Trump Open To Mojtaba Meeting

Trump said he looks forward to meeting Mojtaba Khamenei, who he said is deeply involved in the current negotiations. When asked whether he would meet him, Trump said he is willing to meet anyone, but the final arrangement depends on future developments.

Beige Book Flags Energy Inflation

The FED Beige Book showed that 10 of 12 districts reported slight to moderate growth. Energy costs were the main source of inflation pressure and had spread into shipping, packaging, groceries, and fertilizers. Consumer confidence weakened, while most districts maintained a low-hiring, low-layoff pattern.

Williams Says Rates Are Appropriate

New York FED President and FOMC Vice Chair Williams said there is no need to raise or cut rates at the current stage. He said monetary policy is in an appropriate position and that the future rate path has no clear direction. He viewed higher oil prices as a one-time effect and said inflation expectations remain well anchored.

ETO Markets Analyst View (WTI Oil)

From the daily chart, WTI crude remains in a narrowing consolidation pattern. Prices are trading near key moving averages, while bulls and bears continue to compete for direction. As the trading range tightens, the market is waiting for new fundamental drivers.

MACD is moving near the zero line, showing weaker momentum and no clear short-term trend. The key resistance area remains around 98. If prices fail to hold above this level, another pullback cannot be ruled out. On the downside, the 90 area remains the key support zone.

RSI stays in neutral territory, reflecting cautious market sentiment. On the 4-hour chart, WTI remains range-bound, with short-term rebound momentum slowing. MACD is also converging, showing a lack of clear directional signals.

If WTI breaks and holds above 98, further upside may open. If repeated attempts fail and prices turn lower, the market may look for support near 90 again. Oil prices remain driven by US-Iran talks, the blockade timeline, Lebanon-Israel ceasefire implementation, and FED policy signals. Short-term volatility may continue.

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