WTI Oil Remains Under Bearish Pressure Below the $90 Barrier

WTI oil opened $5 higher on Monday and surged more than 6% in early trading, after the “Trump Indicator” — one of the market’s main fundamental drivers at present — reversed course over the weekend amid renewed tensions surrounding the Strait of Hormuz, which had reopened on Friday before shutting again shortly afterward.

The sharp rebound has partially erased Friday’s nearly 10% selloff, which had pushed prices to their lowest levels since early March and briefly improved market sentiment.

However, the latest geopolitical developments have darkened the broader outlook once again, reviving fears of fresh escalation that could weigh heavily not only on the region but also on the global economy. Despite that, the daily chart remains bearishly aligned while prices stay below the $90 barrier, which has capped upside attempts for a fourth consecutive session.

Negative momentum indicators, together with pressure from two consecutive large bearish weekly candles, continue to support this scenario. Still, developments on the ground — whether through an extended ceasefire and renewed peace talks or another round of escalation — are likely to remain the key driver of crude oil’s next directional move.

Repeated daily closes below $90 would keep the slight bearish bias intact and expose a retest of the 55-day moving average at $82.63, ahead of the more important $80/$79 support zone. A break below that region would confirm bearish continuation.

On the upside, a sustained move above $90 would offer near-term relief, though an extension beyond $94 would be required to generate a stronger bullish signal.

Res: 90.00; 91.80; 92.46; 93.71
Sup: 84.50; 82.63; 80.00; 79.00