USOIL Reclaims $96 as Hormuz Standoff Fuels Supply Fears – $98 Breakout Next?

Quick overview

WTI crude oil futures, USOIL, is trading right now around $95.90 to $96.70 per barrel as of April 24th 202WTI crude oil futures, USOIL, is trading right now around $95.90 to $96.70 per barrel as of April 24th 2026 (mid-morning/early New York trading) – up about 1-2% from yesterday.

Recent Movement

This week is looking pretty strong for oil, with a potential 15-18% gain in the cards – not to mention the high volatility that comes with it. Prices have pulled back a bit today but remain in an elevated state after some wild swings, especially when you consider WTI briefly going over $100 back in April, before things got a bit more steady.

Key Drivers Today

Oil prices are being supported by:

• US-Iran peace talks have stalled and the Strait of Hormuz is still effectively closed or severely restricted, with all sorts of blockades, ship seizures and limited ceasefire progress happening – this is creating some serious supply risks and a risk premium.
• Mixed messages are the order of the day – there have been reports of an Iranian proposal (via mediators) which suggests phased talks (ceasefire first then the Strait of Hormuz second) but all in all disruptions are still the main thing dominating the news.
• Broader supply concerns are on the boil – IEA is saying this is one of the biggest energy security threats ever.

US domestic supply is still looking pretty robust, with recent inventory builds acting as a partial counterweight, but physical tightness and headline risk are still holding sway.

WTI Crude Oil Technical Analysis

Looking at the 2H chart for WTI crude, it’s showing a bit of a recovery after bouncing from the $83-$87 demand zone – but it’s running into some key resistance now. We’re seeing price currently trading around $96, still holding above the $93.14-$93.98 support band which has actually flipped into a short-term base. This zone also lines up with the 200 EMA, which is reinforcing it as a structural pivot.

But despite that, the broader trend is still looking bearish as price is still being capped below a descending trendline drawn from the $109.60 highs. The recent rally stalled just below the $98.14 resistance, where sellers jumped in again. RSI is hovering near 62, suggesting bullish momentum is present but hasn’t gone too far just yet.

Key Levels:

• Resistance: $98.14 → $101.30 → $105.50
• Support: $93.14-$93.98 → $87.50

Trade Idea: Buy above $98 aiming for $101.30-$105.50, stop below $93.6 (mid-morning/early New York trading) – up about 1-2% from yesterday.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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