Over the past 48 hours, WTI crude oil prices have shown notable volatility, with yesterday’s closing price around $75.22, slightly lower than the previous day. The market moves were driven by a mix of factors, notably optimistic progress in US-Iran peace talks alongside claims of an attack on a Saudi tanker, causing prices to dip before rebounding.

Specifically, recent reports indicated that the US and Iran reached an agreement regarding transit through the Strait of Hormuz, a critical maritime route accounting for about one-fifth of global oil shipments. This development eased supply risk concerns, prompting a near-term dip in oil prices. Additionally, hopes around diplomatic progress between the two countries led investors to reallocate their capital, reducing speculative pressure on oil.

However, prices bounced back following claims by the Yemen-based Houthi rebels of an attack on a Saudi tanker, raising renewed caution about Middle East geopolitical tensions and supporting crude prices. Alongside these geopolitical factors, positive earnings reports from major oil producers also influenced market sentiment. Occidental Petroleum’s recent Q2 2026 earnings, showing a 52.1% year-on-year sales increase, underscored the strong profitability within the sector and bolstered confidence.

For everyday investors, the recent WTI price fluctuations highlight the need for caution amid a complex backdrop of fundamental news flows. Supply-demand dynamics, geopolitical risks, and macroeconomic trends are tightly intertwined, and any sudden news can trigger rapid price moves. Market participants should stay closely attuned to the latest market news and remain ready to adjust their positions accordingly.

Daily Chart

The daily chart shows WTI crude maintaining a strong position above 85 USD at the end of July but experiencing a swift pullback over the last three days towards the 74 USD support zone. Bollinger Bands have tightened with price moving below the middle band, signaling increased selling pressure. The MACD has crossed bearish, with momentum fading, suggesting a medium-term adjustment phase. Prices are fluctuating between the 20-day and 50-day moving averages. Traders should watch closely for a confirmed bounce; a break below 74 USD could trigger further declines.

1H Chart

On the hourly chart over the last 3-5 days, WTI crude is moving within a clear descending channel, with repeated tests near the 75 USD support resulting in minor rebounds. Bollinger Bands indicate price touching the lower band before recovering, while volume remains moderate. The MACD lines are near bottoming with a potential bullish crossover soon, hinting at a short-term momentum shift. Traders should monitor the strength of any rebounds around this price range to gauge near-term direction.

Technical Trend:  WTI crude oil is currently in a cautiously bearish phase with a potential for mild short-term rebounds amid an overall adjustment trend.

WTI crude shows multiple bearish technical signals with daily MACD bearish crossover and downward trending channels signaling possible continued correction. However, the hourly MACD is close to a bullish crossover, suggesting a possible short-term rebound. Support and resistance zones are well-defined with stable volume over recent days. Investors should watch the 75 USD support for confirmation and remain alert to news developments affecting oil supply and demand.

There are no significant or directly relevant economic events scheduled today that are likely to impact WTI crude oil prices. Hence, market movements will primarily be influenced by ongoing geopolitical developments and corporate earnings news.

Resistance & Support

Run Live WTI Crude Oil Analysis

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