Oil Market Analysis – Thursday, September 17, 2026

Brent crude and West Texas Intermediate (WTI) prices are experiencing a volatile session today, Thursday. Prices have partially recovered following yesterday's sharp declines, with Brent trading near $106.30 per barrel and WTI around $102.15 per barrel.

Key Drivers and Fundamentals Today

- Regional Supply Concerns: Ongoing operational halts at the Saudi East-West Pipeline and shipping disruptions near the Strait of Hormuz continue to support oil prices, keeping them above the $100 mark.

- News of Supply Restoration and Pipeline Repairs: Profit-taking pressure emerged alongside reports of plans for partial operations and steps to restore transport capacity. Additionally, a 7.14-million-barrel rise in US crude inventories—according to American Petroleum Institute (API) data—tempered the rally.

- Impact of the Federal Reserve’s Decision: The Fed’s decision to raise interest rates by 25 basis points to a range of 3.75%–4.00% strengthened the US dollar, exerting further downward pressure on dollar-denominated commodity prices.

Technical Analysis and Pivot Levels (Brent Crude)

1. Resistance Levels (Bullish Targets):

- $106.50 – $107.70: Today's highs and the first intraday target; a breakout paves the way for retesting the $109.20 – $110.00 zone.

2. Support Levels (Defense Zones):

- $104.90 – $105.00: Nearest intraday support level (session low).

- $103.20: Moving Average (MA200) support level and a safety barrier for buyers.

Technical Analysis and Pivot Levels (WTI Crude)

- Resistance: $102.35, followed by $103.60.

- Support: $101.10, followed by $98.50.

Expected Trading Scenarios

- Bullish Scenario: Stability above the $105.00 level for Brent and $101.00 for WTI reinforces the likelihood of continuing the upward trend toward the $108.00 zone.

- Bearish Scenario: A break below the key support level of $103.20 for Brent opens the door for a deeper correction toward the $100.00–$98.50 range.