WTI Remains Under Pressure Below 98.60 as US-Iran Talk Hopes Weigh on Oil
WTI crude oil fell below $97 per barrel as hopes for renewed U.S.-Iran talks eased some supply concerns, following Washington’s move to impose a blockade on the Strait of Hormuz.
Reports suggest another round of negotiations may take place before the current two-week ceasefire expires, which has reduced some of the immediate risk premium in oil prices.
Technically:
Oil remains under bearish pressure in the current situation, and as long as price trades below 98.60, bearish volatility may continue toward 92.30. A break below that level could extend the decline further toward 87.00.
On the other hand, a confirmed close above 100.96 would be needed to weaken the bearish structure and support a bullish recovery.
Pivot line: 98.60
Support: 92.30, 87.00
Resistance: 100.96, 105.00
WTI crude oil fell below $97 per barrel as hopes for renewed U.S.-Iran talks eased some supply concerns, following Washington’s move to impose a blockade on the Strait of Hormuz.
Reports suggest another round of negotiations may take place before the current two-week ceasefire expires, which has reduced some of the immediate risk premium in oil prices.
Technically:
Oil remains under bearish pressure in the current situation, and as long as price trades below 98.60, bearish volatility may continue toward 92.30. A break below that level could extend the decline further toward 87.00.
On the other hand, a confirmed close above 100.96 would be needed to weaken the bearish structure and support a bullish recovery.
Pivot line: 98.60
Support: 92.30, 87.00
Resistance: 100.96, 105.00
Trade active
USOIL (WTI) | Technical & Fundamental OutlookMoving Well +$10, -10.40% ✅
Oil prices rebounded toward $93, but volatility remains elevated as markets react to mixed geopolitical signals and uncertainty around traffic in the Strait of Hormuz.
Despite the rebound, the market structure still reflects bearish pressure after the drop from 97.50 → 86.97, where price hit our projected support.
📊 Technically:
The market is currently trading below the key pivot at 92.30, maintaining bearish control
➡️As long as price remains below 92.30, the downside is expected toward 90.40 → 86.97 → 84.00
➡️However, a confirmed 4H close above 92.30 would shift momentum to bullish, targeting 96.40 → 100.00
Pivot Line: 92.30
Support: 90.40 – 86.97 – 84.00
Resistance: 96.40 – 100.00
Trade closed: target reached
Fully target 
Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.