Crude oil prices extended their gains Wednesday as uncertainty over shipments through the Strait of Hormuz kept supply risks at the center of the market. Brent moved above $91 while WTI approached $85, with both benchmarks also testing important areas on the daily charts.
Brent crude futures rose 26 cents to $91.28 a barrel in early Wednesday trade, while U.S. West Texas Intermediate gained 37 cents to $85.31. It was the fourth straight session of gains, and both benchmarks had finished Tuesday at their highest levels since July 24.
The latest move follows renewed uncertainty between the United States and Iran. A temporary ceasefire expired Monday, and President Donald Trump said Tuesday that no talks were taking place with Iran. Washington says the Strait of Hormuz is open, while Iran maintains that shipping remains restricted, leaving traders unsure how quickly normal oil flows can return.
Brent Crude Tests the Critical $92 Area
The supplied Brent daily chart adds a clear technical level to the geopolitical story. Brent finished around $91.08 on the chart after reaching $92 during the session, putting price directly below the level highlighted by trader Taner Genek.
Brent Crude Daily Chart Tests Critical $92 Area. Source: Taner Genek (@TanerGenek) on X
Genek sees $92 as a key dividing line. He said a failure to hold higher could bring Brent back toward roughly $86.66, while sustained trading above $92 could have negative implications for stock markets.
The chart supports the idea that Brent is at an important decision point rather than already confirming another leg higher. Price has recovered sharply from the recent $78.74 low, but $92 remains the immediate area that must be cleared and held under Genek’s scenario.
Supply conditions give that test added weight. Saudi Aramco has resumed some crude loadings from inside Hormuz, while Iraq has approved alternative export mechanisms that are set to begin Sept. 1. Some Chinese shipping companies have also rerouted cargoes away from Hormuz and Bab el-Mandeb. Those measures provide some relief, but they have not removed the broader uncertainty around regional exports.
WTI Crude Oil Approaches a Triangle Breakout
WTI is also nearing an important technical area. The supplied daily chart shows price around $84.37 on Aug. 18, pressing against a long-term descending resistance line while rising support gradually narrows the trading range.
WTI Crude Oil Triangle Points to Bullish or Bearish Breakout. Source: cycle insider (@gsmferrari) on X
cycle insider expects a larger opportunity when WTI eventually breaks out of the triangle, either in October or earlier. The setup remains neutral until price clearly moves above descending resistance or below rising support.
Fundamentals remain equally divided. The International Energy Agency said global oil supply increased by 2.4 million barrels per day in July but remained 6.3 million barrels per day below year-earlier levels. The agency expects a 1.8 million-barrel-per-day market deficit in the third quarter, even as high fuel prices and supply disruptions weigh on demand.
The next immediate test comes from U.S. inventories. The Energy Information Administration will release its weekly petroleum report at 10:30 a.m. ET Wednesday, with analysts surveyed by Reuters expecting crude stocks to fall by about 600,000 barrels.
For now, the oil market remains caught between severe supply risks and signs that producers are finding ways around disrupted trade routes. Brent’s battle with $92 and WTI’s tightening triangle could show whether those risks are strong enough to extend the latest crude oil rally.
