FX.co ★ Crude | CL/Crude Oil

West Texas Intermediate (WTI), the benchmark for U.S. crude oil, saw a slight buying spree during Thursday's Asian trading session, settling at around $89.30 to $89.35 per barrel, a gain of more than 1.0% on the day. Despite this rise, the price remained within the sideways trading range of the past few days, so market participants should exercise caution before making any bold, one-sided bets or interpreting this move as a final bounce from the one-month low reached earlier this week. Escalating geopolitical tensions in the Middle East continue to provide strong support for oil prices, driving up their value due to the perceived risk. Reports that the Pentagon recently instructed U.S. Central Command to finalize logistical and tactical preparations for a potential large-scale military operation in Iran—a move that could coincide with anticipated domestic and regional political events—have heightened concerns about severe supply disruptions. These concerns are exacerbated by escalating attacks on commercial vessels transiting the vital Strait of Hormuz and the ongoing land conflict between the Iranian-backed Houthis and the Saudi-led coalition in Yemen, which continues to drive up energy prices. Additionally, local weather conditions have raised supply concerns, as a tropical storm approaching the U.S. Gulf Coast forced key offshore production platforms and refining facilities to temporarily shut down. However, a slight easing of inventory pressures and the continued resilience of export flows have helped to offset the situation, tempering optimism and limiting sharp price increases. Technically, West Texas Intermediate crude oil prices continue to show resistance on the four-hour chart, directly constrained by the 200-period exponential moving average (EMA). Short-term momentum indicators suggest a relatively neutral to slightly positive trend, with the MACD chart showing a slight rise and the RSI hovering around the midline at 50. Therefore, the 200-period EMA near $89.89 forms the first immediate technical resistance level, followed by the 38.2% Fibonacci retracement support near $88.82, and a deeper structural support level at $84.67.