Oil Market Analysis – Monday, September 7, 2026

Crude oil prices are trading near multi-week highs today; Brent crude is hovering around $97.30 per barrel, while West Texas Intermediate (WTI) is trading near $92.50 per barrel.

Prices are moving within an upward channel established in late August, driven by geopolitical pressures and short-term technical correction attempts.

1. Fundamental Analysis

- Supply concerns and the Strait of Hormuz: Ongoing disruptions and attacks on shipping in the Arabian Gulf and the Strait of Hormuz are straining supply chains and providing sustained upward momentum to prices.

- OPEC+ decisions: The OPEC+ alliance's commitment to maintaining its current production policy supports the balance between supply and global demand.

- US Dollar strength: Rising bond yields and a strong US dollar are capping daily gains and prompting profit-taking.

2. Technical Analysis and Trading Levels (WTI)

- General Trend: Bullish in the medium term, though indicators on the 4-hour timeframe suggest overbought conditions that could lead to a temporary corrective move.

Resistance Levels:

- First Resistance: $93.20 (a breakout here would reinforce the upward trend toward $95.50, followed by $97.00).

- Second Resistance: $98.50.

Support Levels:

- First Support: $88.00 (retest level for the rising channel and moving average).

- Second (Key) Support: $86.40 – $84.80.