Oil Market Analysis – Wednesday, September 2, 2026

Crude oil prices are moving along a strong upward trajectory today for the second consecutive session, as the market undergoes a broad repricing phase driven by escalating geopolitical risks and supply pressures.

1. Current Prices and Key Drivers

Current Prices:

- Brent Crude: Trading near the $94.80–$95.00 per barrel range, marking its highest levels in over five weeks.

- West Texas Intermediate (WTI): Testing the $88.00–$90.15 per barrel range following a breakout from the previous price channel.

Political and Field-Related Support Factors:

- Strait of Hormuz Risks: Markets are concerned about potential disruptions to shipping and commercial tanker traffic due to escalating security tensions in the region.

- Decline in US Inventories: Official data showed a further drawdown of approximately 3.1 million barrels from US strategic crude oil reserves, reinforcing the physical demand side.

2. Technical Analysis and Trading Levels (WTI & Brent)

- General Trend: A clear bullish trend on the 4-hour and daily timeframes, supported by positive moving averages (100 SMA trading above 200 SMA) and strong buying momentum on the Relative Strength Index (RSI).

- Support and Resistance Levels for US Oil (WTI):

Pivot Point: $87.10 – $87.50.

Resistance 1: $90.00 – $90.20. Resistance 2: $92.00 – $92.30 (bullish pattern target).

Support 1: $87.10 (retest level). Support 2: $84.50 – $84.70.

3. Expected Trading Scenarios

- Main Scenario (Continued Upside):

Trading and stabilizing above the $87.10 level maintains a positive outlook, targeting the $92.00 level; a breakout above this would extend the bullish momentum toward $94.60.

- Corrective Scenario (Temporary Decline):

A break below the $87.10 level, with the price stabilizing underneath, opens the way for a corrective downward wave—driven by profit-taking—targeting the next support zone at $84.50–$84.70 before a potential rebound.