WTI Crude Oil: Key Volatility and Support-Resistance Levels in Light of Middle East Tensions, May 21, 2026
Over the past three trading days, WTI crude oil prices have experienced significant volatility, closing at $98.26 on May 20, a sharp drop from previous levels. This decline was driven by heightened uncertainty in the Middle East and rumors about the potential reopening of the Strait of Hormuz. News of U.S.-Iran diplomatic talks entering the ‘final stages’ added further pressure on oil prices. However, reports of a rapid fall in U.S. crude inventories provided some support. This week’s price action highlights how geopolitical risk and supply-demand expectations interact to influence WTI price behavior, indicating that near-term volatility is likely to remain high. Investors should monitor key market news and technical support and resistance levels closely.


