Crude Oil Prices Today: Brent WTI as Middle East Supply Risks Rise

Crude oil prices extended their advance Wednesday as Middle East supply risks kept buyers active despite signs of a large increase in U.S. crude inventories. Brent crude rose to about $89.63 a barrel, while West Texas Intermediate climbed to roughly $83.91, bringing both benchmarks toward important resistance levels.

The rally reflects renewed doubts that Washington and Tehran will quickly reach an agreement that restores normal oil flows through the Strait of Hormuz. Shipping disruptions around Hormuz and the Bab el-Mandeb Strait have added to concerns about supplies moving out of the Middle East.

Middle East Risks Keep Brent Crude Near $90

Brent is again approaching the psychologically important $90-a-barrel mark as geopolitical risk returns to the center of the oil market. Iran has said the Strait of Hormuz will remain restricted without concessions from the United States, while vessel traffic through the waterway remains far below pre-conflict levels.

The latest EIA outlook adds to the supply concerns. About 5.5 million barrels per day of Middle East production was shut in during July, and the agency expects roughly 600,000 barrels per day to remain offline through the end of 2027. The EIA raised its 2026 average forecasts to $86.81 for Brent and $80.88 for WTI.

OPEC+ is also gradually returning supply. Seven participating producers agreed to adjust output by 188,000 barrels per day in August, while retaining the flexibility to pause or reverse those changes if market conditions deteriorate.

Brent Price Analysis: $93-$95 Is the Next Major Test

The four-hour Brent chart supplied for today's analysis shows a strong recovery from the early-August decline, with momentum improving as price moves back toward higher resistance.

The chart identifies $93-$95 as the main resistance zone. A sustained break above that area would strengthen the recovery structure and could shift attention toward the previous major high around $102.

RSI is near 57 on the chart, indicating positive momentum without an overbought reading. Initial support lies around $81-$84. Below that, $77.59 becomes important, followed by the larger $71.50-$73.50 support zone.

The projected path drawn on the chart should be treated as one possible scenario, not a confirmed forecast.

Brent Crude Oil 4-Hour Support and Resistance Outlook — Source: Çızıkçı Höstad (@TheCeduu) on X

WTI Crude Tests $84.70 Breakout Zone

WTI is facing its own technical test. The supplied four-hour chart marks $84.70 as immediate resistance, followed by $86.25 and $88.10. Price is above several short-term moving averages, while RSI around 62 points to improving momentum.

Support stands at $81.35 and $80.10, followed by approximately $78.10. Holding the $80-$81 area would keep the short-term recovery structure intact.

WTI Crude Oil 4-Hour Resistance and Support Levels — Source: TradewithKrutikaa (@Financewith_dia) on X

The daily WTI chart reinforces the importance of the current area, placing resistance at $84.37. Together, the two charts create a $84.37-$84.70 breakout zone. Clearing it could open a path toward $86-$88, while the broader daily chart identifies another major barrier near $90.90.

WTI Crude Oil Daily Range and $84.37 Resistance — Source: Ian Cooper (@icooperTrades) on X

U.S. Inventories Could Limit the Oil Rally

The main bearish counterweight comes from U.S. supplies. American Petroleum Institute data showed crude inventories rising by about 9.1 million barrels last week, despite expectations for a decline. Gasoline and distillate stocks fell.

The official EIA Weekly Petroleum Status Report is due Wednesday at 10:30 a.m. Eastern time. Confirmation of a large crude build could slow WTI's advance, while a smaller increase or draw could leave geopolitical supply concerns in control.

For now, Brent's $90 level and WTI's $84.37-$84.70 resistance zone are the key near-term tests. A breakout would strengthen the crude oil rally, while rejection combined with rising U.S. inventories could trigger another pullback.