West Texas Intermediate (WTI) Crude Oil prices stick to a positive bias for the second consecutive day on Thursday, though the intraday uptick lacks bullish conviction. The commodity currently trades around the $91.00 mark, up nearly 0.60% for the day, and remains supported by uncertainties surrounding conflicts in the Middle East.
Despite US President Donald Trump's ceasefire rhetoric, Iran publicly rejected claims of ongoing negotiations and has reportedly set sweeping demands to wind down the widening Middle East conflict. Apart from this, the deployment of additional US troops in the region points to the risk of a further escalation of tensions, which, along with the effective closure of the Strait of Hormuz, acts as a tailwind for Crude Oil prices.
From a technical perspective, a move beyond the 200-hour Exponential Moving Average (SMA), around the $91.45 region, will be seen as a key trigger for intraday bulls. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator holds in positive territory with the line marginally above its signal and a contracting histogram, which suggests easing but still positive upside pressure after the recent advance from the mid-$80s.
Furthermore, the Relative Strength Index (RSI) at 61 points to firm bullish momentum without overbought stress, aligning with a continuation bias while leaving room for corrective dips. In the meantime, initial resistance appears at the $91.45 area defined by the 200-hour EMA, with a sustained break above this region opening the door toward the mid-$92s.
On the downside, immediate support stands at $90.30, followed by a more important shelf around $89.50, where the latest impulse higher began to accelerate. A violation of $89.50 would weaken the bullish structure and expose the $88.50–$88.00 band as the next demand zone. Nevertheless, strength above $90.30 keeps the path tilted toward a test of the $91 handle and the $91.40 barrier.
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