- WTI price rises to near $88.45 in Monday’s early European session.
- The Kuwaiti military reported a missile and drone attack, raising fears of prolonged conflict in the Middle East.
- The constructive outlook remains intact above the key 100-day EMA.
- The first upside barrier emerges at $95.00; the initial support level is seen at $85.20.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $88.45 during the early European trading hours on Monday. WTI price attracts some buyers following the Kuwaiti military reports of a missile and drone attack. Traders will closely monitor the Middle East developments and the US-Iran peace deal progress.
The Guardian reported on Monday that Kuwait's armed forces said that the country's air defense systems were intercepting hostile missiles and drone attacks after air raid sirens sounded and emergency alerts were issued nationwide. Minutes after Kuwait reported coming under attack, US Central Command (Centcom) said it had conducted “strikes on Iranian radar and command and control sites for drones” over the weekend.