Recent reports indicate that Iran’s attacks on ships going through the Strait of Hormuz have increased. According to the reports, the traffic through the Strait could be slowing down. It’s hard to estimate whether oil flows through the Strait of Hormuz have declined as shipowners do everything they can to hide their vessels from Iran.

WTI oil moved above the resistance at $92.50 – $93.00 and is trying to settle above the $94.00 level. In case this attempt is successful, WTI oil will head towards the next resistance level, which is located in the $96.50 – $97.00 range. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

On the support side, a move below the $92.00 level will push WTI oil towards the 50 MA at $89.88. If WTI oil settles below the 50 MA, it will get to the test of the support at $88.50 – $89.00.