Crude Oil (WTI)

Bullish

Archived analysis from Oct 8, 2026, 1:58 PM

Key insight

$91.48 clears key $90.64 resistance — next technical targets are $92.08 then $93.75. IEA SPR release (325mb deployed) is the main ceiling; geopolitical premium holds floor.

Surges +4.2% to $91.48 on Pentagon Iran strike-option reports; Strait of Hormuz tanker attacks and a -3.19mb EIA draw vs. +1.9mb consensus combine for a triple supply shock.

Main risk

IEA Strategic Reserve Release

325mb already deployed; accelerated SPR drawdown caps upside and can rapidly reverse geopolitical premium above $93.

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