Crude Oil (WTI)

Bearish

Archived analysis from Aug 6, 2026, 8:23 PM

Key insight

77.04 holds after 3-day sell-off — Hormuz draft deal caps upside; EIA inventory build adds bearish weight.

Hormuz deal draft signed — Brent -8% on the week; supply-risk premium evaporating at $77 resistance.

Main risk

Hormuz Deal Collapse / Houthi Escalation

Failed Hormuz ratification restores ~$8-10 geopolitical premium; Red Sea threats alive.

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