Oil analysis for Tuesday, September 1, 2026

Oil prices (Brent crude and West Texas Intermediate WTI) continue their strong upward trend, posting significant gains. Brent crude is currently trading near $91.20-$91.70 per barrel, while WTI is trading around $86.50-$87.00 per barrel.

These increases are driven by escalating concerns about supply and shipping risks in the Strait of Hormuz following renewed military tensions and geopolitical events in the region.

Key Technical Levels (Brent Crude):

- First Resistance: $92.00-$92.50 (A break above this opens the door to targeting $94.50).

- Pivot Point: $90.50.

- First Support: $89.50-$89.00.

- Second (Major) Support: $87.80-$86.50.

Key Technical Levels (West Texas Intermediate Crude Oil - WTI)

- First Resistance: $87.00 - $87.50

- Pivot Point: $85.50

- First Support (38.2% Fibonacci Retracement Level): $85.15

- Second Support (61.8% Fibonacci Retracement Level): $84.00 - $84.10

Technical Analysis Indicators - Overall Trend: Strongly bullish on the daily timeframe, with a breakout from consolidation patterns and continued upward highs and lows.

- Relative Strength Index (RSI 14): Above 68, indicating significant buying momentum and the price approaching overbought territory.

- Moving Averages: A bullish crossover between the 100-day and 200-day moving averages (Golden Cross) reinforces the outlook for a continuation of the upward trend as the primary direction.

Expected Trading Scenarios - Bullish Scenario (likely): Continued stability above $90.50 for Brent crude and $85.50 for WTI crude keeps buying pressure in control, targeting $92.50 and then $94.50. -The bearish (corrective) scenario: Breaks below $85.00 for WTI or $89.00 for Brent could trigger a retest of the intermediate support zones at $84.00 - $86.50 as part of a profit-taking correction before attempting to rise again.