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Published: 19 August 2026,09:21
Daily Market Analysis New
Key Takeaways:
*Oil prices extend gains for a fourth consecutive session as supply uncertainty persists.
*The US says the Strait of Hormuz is open, while Iran maintains that shipping remains restricted.
*The temporary US–Iran ceasefire expired without a new agreement, weakening hopes of near-term de-escalation.
*Iran has warned of a more offensive military posture if the diplomatic deadlock continues.
*Iraq is accelerating plans to diversify crude export routes to reduce its dependence on the Strait of Hormuz.
Crude oil prices edged higher during early Wednesday trading, extending their advance for a fourth consecutive session as investors continued to price in uncertainty surrounding Middle East energy supplies.
US President Donald Trump said there were currently no negotiations taking place with Iran and insisted that the Strait of Hormuz remained open. Tehran, however, maintained that the crucial waterway was still restricted to commercial shipping, leaving markets uncertain over the actual level of energy flows through the region.
Geopolitical risks have increased further after the temporary ceasefire expired on Monday without a new agreement. A senior Iranian official said Tehran was shifting toward a “fully offensive” military posture because of the diplomatic stalemate, although no fresh US–Iran strikes were reported on Tuesday.
The continued deadlock has helped keep oil near its highest levels in more than three weeks. Brent settled around $91 per barrel, while WTI remained near $85, as traders maintained a geopolitical risk premium around potential disruptions to the Strait of Hormuz.
Meanwhile, Iraq is accelerating efforts to develop alternative export routes through Turkey and Syria to reduce its dependence on Gulf shipping. However, major infrastructure projects such as a proposed pipeline through Syria could take several years to complete, meaning Hormuz remains critical to regional oil exports in the near term.
For now, crude oil retains an upside bias as the lack of diplomatic progress and conflicting claims over the Strait of Hormuz keep supply risks elevated. Any renewed military escalation could strengthen oil prices further, while signs of a credible reopening agreement would likely reduce the geopolitical premium.
Technical Analysis
CL-Oil, H4:
Crude oil prices are trading higher after rebounding from the 80.80 support level, suggesting renewed short-term buying interest.
Momentum indicators remain supportive, with the MACD showing increasing bullish momentum and the RSI at 60 staying above the midline, indicating that buyers remain in control in the near term.
If bullish momentum persists, crude oil could extend gains toward the next resistance level at 86.95, followed by 90.00 if upside momentum strengthens.
However, if bullish momentum fails to sustain, crude oil may retrace and retest the 80.80 support level, with further downside toward 74.95 if selling pressure returns.
Resistance Levels: 86.95, 90.00
Support Levels: 80.80, 74.95
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