FX.co ★ Crude | CL/Crude Oil

West Texas Intermediate (WTI) crude oil futures on the New York Mercantile Exchange (NYMEX) rebounded after falling below $88 at the start of trading, quickly recovering to around $90. During the European trading session, they rose by about 1.7%, approaching $91. Despite the overall stabilization of regional energy logistics, particularly with key energy shipments from the Middle East returning to near pre-war levels, WTI futures saw a strong recovery. The heightened security measures implemented by U.S. forces to ensure the safety of the Strait of Hormuz (a vital waterway for nearly 20% of global energy supply), along with the restoration of half the capacity of Saudi Arabia’s East-West oil pipeline, have significantly eased concerns about global energy supplies. According to data from Kpler, actual crude oil shipments from key Middle Eastern regions (including the Arabian Gulf and the Red Sea) have at times exceeded historically high pre-war levels. Crude oil production in the region averaged 19.5 million barrels per day over the past seven days, surpassing the pre-war record of approximately 17 million barrels per day. Kpler analysts assert that growing market indicators suggest Tehran is gradually losing its historical dominance and unilateral control over the Strait of Hormuz, allowing oil to continue flowing smoothly through the waterway. Matt Smith, head of commodities research at Kpler, notes that despite Iran's repeated claims of complete control over the strait and its threats to close it during the height of the conflict, its actual geopolitical influence is clearly diminishing as large numbers of commercial oil tankers continue to pass through safely. Technically, the daily chart for West Texas Intermediate crude shows it trading around $90.78. With the spot price fluctuating below the 20-day exponential moving average (EMA) at $91.41, the short-term outlook is skewed to the downside. This technical picture suggests that after the recent sharp pullback from the $100 resistance zone, short-term upward momentum is temporarily capped. Meanwhile, the 14-period Relative Strength Index (RSI) is approaching the neutral midpoint at 50.12, suggesting the market is consolidating with a limited trend. On the upside, the most recent technical resistance lies around the 20-day moving average at $91.41. A sustained close above this resistance level could reopen the path to previous highs. On the downside, key support lies around the breakout zone near $86.53 and the main uptrend support line. This support line forms a significant potential bottom; a break below it would signal a deeper correction within the overall structural uptrend.