Crude oil prices edged lower Thursday, Sept. 3, but remained elevated as Brent traded near $95 a barrel and WTI held above $90 amid renewed U.S.-Iran fighting and continued disruption risks around the Strait of Hormuz. Technical charts put both benchmarks near important resistance zones, while traders are also preparing for Sunday’s OPEC+ meeting and assessing a larger-than-expected decline in U.S. crude inventories.
Brent and WTI Pull Back After Geopolitical Rally
Brent crude futures fell 59 cents, or 0.6%, to $95.04 a barrel at 0509 GMT, while U.S. West Texas Intermediate crude fell 38 cents, or 0.4%, to $90.63. Both benchmarks had reached their highest intraday levels since July 24 during Wednesday’s volatile session.
Oil remains supported by concern that renewed military exchanges between the U.S. and Iran could further restrict Middle Eastern exports. Preliminary Kpler data showed four commodity vessels crossed the Strait of Hormuz on Wednesday, compared with a recent 10-day average of about 13 vessels, underscoring continued pressure on one of the world’s most important energy shipping routes.
Iran has also expanded its blacklist of ships prohibited from using the strait, adding another layer of uncertainty for crude, LNG and refined-product flows.
WTI Tests Strong Resistance at $90-$92
Deepakchandra Maurya’s WTI chart shows crude pressing into a resistance area between $90 and $92 following a strong advance from around $80. With price near $90.62 on the chart, the next reaction around this ceiling could determine whether WTI extends its rally or begins a larger retracement.
WTI Crude Oil $90-$92 Resistance. Source: Deepakchandra Maurya on X
The chart places the recent high around $92.27, making that level an important confirmation point for buyers. A sustained break above the resistance zone would weaken the bearish rejection case and suggest that the latest rally still has momentum.
Failure to break higher would keep downside risk in focus. Maurya projects a bearish scenario toward $72-$74 if resistance triggers a substantial reversal, although the chart does not confirm such a decline yet. WTI would first need to lose nearer support levels and establish a sequence of lower highs and lower lows before that deeper target becomes more credible.
Brent Faces Its Own $94-$98 Decision Zone
Kamile Uray’s broader Brent chart also shows oil approaching a major technical decision point. The chart, captured Sept. 2, places Brent at $97.85 and identifies the $94-$98 region as resistance following a sharp rebound from lower levels.
Brent Crude Oil $94-$98 Resistance Zone. Source: Kamile Uray on X
The immediate bullish confirmation would be a sustained close above $98. Such a move could shift attention toward the chart’s next major resistance around $113.85.
If Brent fails to establish itself above $94-$98, the current advance could instead remain a reaction within a larger volatile range. The chart marks $81.37 and $74.75 as important lower levels, followed by support around $66.70. Uray also identifies roughly $58.38 as a much longer-term bearish objective, but current price action does not confirm a decline of that magnitude.
OPEC+ and U.S. Inventories Add to Oil Price Outlook
OPEC+ is expected to keep its October production policy unchanged when seven core members meet Sunday, according to Reuters sources. The group has completed the planned rollback of a 1.65 million-barrel-per-day production cut, though actual supply has lagged planned increases because of disruptions affecting several exporters.
U.S. inventory data provide another supportive factor. Commercial crude stocks excluding the Strategic Petroleum Reserve fell 4.5 million barrels to 424.5 million barrels in the week ended Aug. 28, according to the Energy Information Administration. Refineries operated at 98% of capacity during the week.
For crude oil prices, the near-term technical test is increasingly clear: WTI needs to break the $90-$92 resistance region convincingly, while Brent must establish itself above $98 to strengthen the next bullish leg. Failure at those levels would leave both benchmarks vulnerable to a pullback even as geopolitical supply risks continue to support the broader market.
