Oil Analysis for Today, Monday, August 31, 2026

West Texas Intermediate (WTI) crude oil is trading on a strong bullish trend today, with prices rising to the $85.30–$85.60 range (while Brent crude trades near $90.30), driven by military escalation and geopolitical tensions in the Strait of Hormuz.

Key Support and Resistance Levels (WTI Crude)

- First Resistance: $85.70–$86.00 (top of the current range; a breakout here paves the way for further gains)

- Key Resistance: $88.50–$90.00 (target of the bullish technical pattern)

- Immediate/Pivot Support: $84.10–$84.30 (pivot zone and retest of the previous breakout point)

- Secondary Support: $82.00–$83.00 (level of the 100-day and 200-day EMAs)

Expected Scenarios:

- Positive (Bullish) Scenario: Stability and a 4-hour candle close above the $85.70 level would reinforce buying momentum, paving the way for a continued rise toward $88.50, followed by a potential breakout above the $90.00 level.

- Negative (Bearish) Scenario: Should geopolitical tensions ease and the price break below the $84.10 support level, the price could enter a bearish corrective wave targeting the $82.50 level.

Key Drivers:

- Geopolitical Factors: Growing concerns regarding crude oil supply disruptions in the Strait of Hormuz are supporting a risk premium in prices.

- Market Structure (Backwardation): Trading spot delivery contracts at a premium compared to futures contracts reflects a shortage of immediate physical supply in the market.