Oil Analysis for Today, Monday, August 24, 2026

Oil prices fell by approximately 1.7% to 2%, driven by profit-taking following recent strong gains, as well as data showing an unexpected rise in US inventories and expectations of stricter US sanctions on Iran.

Current Price Levels

West Texas Intermediate (WTI): Trading near $85.25–$85.50 per barrel.

Brent Crude: Trading near $91.00–$91.05 per barrel.

Bearish Scenario (Currently in play): A drop below $86.00 supports a continued correction toward the day's low near $84.85; a break below this level could extend the decline toward $83.50.

Bullish Scenario: This requires breaking above the $86.50 resistance level and holding there to re-target recent highs at $87.00 and subsequently $88.50.

Price movements are highly sensitive to geopolitical developments regarding the Strait of Hormuz and US statements concerning the energy market.