West Texas Intermediate (WTI) Crude Oil prices maintained a positive bias for the second consecutive day on Thursday, trading around the $91.00 mark and up nearly 0.60% for the day [1]. The price action is supported by ongoing uncertainties surrounding conflicts in the Middle East, including Iran's rejection of claims regarding negotiations and its sweeping demands to wind down the conflict, as well as the deployment of additional US troops in the region [1]. The effective closure of the Strait of Hormuz is also cited as a tailwind for crude oil prices [1].
From a technical perspective, WTI faces initial resistance at the $91.45 area, defined by the 200-hour Exponential Moving Average (EMA). A sustained break above this level could open the door toward the mid-$92s [1]. The Moving Average Convergence Divergence (MACD) indicator remains in positive territory, with the line marginally above its signal and a contracting histogram, suggesting easing but still positive upside pressure following the recent advance from the mid-$80s [1]. The Relative Strength Index (RSI) at 61 indicates firm bullish momentum without overbought stress, supporting a continuation bias while allowing room for corrective dips [1].
On the downside, immediate support is seen at $90.30, with a more significant shelf at $89.50, where the latest upward impulse began to accelerate. A violation of $89.50 would weaken the bullish structure and expose the $88.50–$88.00 band as the next demand zone. However, strength above $90.30 keeps the path tilted toward a test of the $91 handle and the $91.40 barrier [1].
Market participants are closely watching for a breakout above the 200-hour EMA, which could trigger further bullish momentum. The ongoing geopolitical risks and technical signals suggest that crude oil prices may remain supported in the near term, with potential for further gains if resistance levels are breached [1].
CONCLUSION
WTI crude oil prices are buoyed by geopolitical tensions and technical support, trading above $91 with upside potential if resistance at $91.45 is broken. The market remains sensitive to developments in the Middle East and technical triggers, indicating a medium impact on oil prices in the short term.