Oil prices rebound in early Asian trading on Thursday. Brent oil currently trades near $105 a barrel and WTI oil trades around $90. The concerns about tanker attacks in the Gulf and the Strait of Hormuz support the recovery. These attacks threaten deliveries and increase the cost of the movement of oil. But Gulf producers continue to export crude despite the risks. In my view, the concerns of shipping could support prices, but continued exports may limit the gains unless attacks cause a clear loss of supply.
Shell and Chevron have started to close the offshore production in the US Gulf of Mexico ahead of Tropical Storm Isaias. The latest official update estimates that operators have halted about 512,000 barrels a day.
The market will now watch the path of storm and the restart of offshore facilities. In my view, prolonged shutdowns could lift oil prices further, while a quick restart would ease the concern of supply.
WTI Crude Oil Forecast: Break Above $93 Could Target $106
The daily chart for WTI crude oil shows that the price has been consolidating in a wide range after the US-Iran war. The strong rally in August and September reached a high at $106.75 and produced a correction in the WTI oil market. The price is now consolidating around the 10-week moving average, which suggests a positive turnaround.
If the price holds above $87, it will likely continue to rally towards the $102.50 level. But a break below $87 will likely push the price towards $80. As long as the price remains above the $87 area in the WTI oil market, the possibility of positive momentum remains high. Moreover, the RSI remains above the midline, which suggests a positive trend.
The 4-hour chart for WTI oil shows strong consolidation between $87 and $93. A break of these levels will likely define the next move in the WTI crude oil market. A break above $93 will likely open the way for a rally towards the $100-$106 area. On the other hand, a break below the $87 zone will introduce another drop towards the $80 region.
Brent Oil Price Forecast
Every new Brent Oil analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Brent Oil forecastsBrent Crude Oil Forecast: Break Above $110 Could Target $120
The daily chart for Brent oil shows that prices remain well above the pre-war level. Brent crude oil corrected in early October 2026 and produced a bullish hammer candle on 6 October 2026. This reversal in Brent oil suggests positive momentum in the market.
However, the immediate resistance in Brent oil is $107.50 and then $110. A break above $110 will likely open the way for a quick rally towards the $120 region. The RSI remains above the midline, which suggests positive momentum in the short term.
The weekly chart for Brent oil also shows positive price action above the $100 area. The price has formed a reversal candle above $100, which suggests a positive move towards the $120 region. The RSI also remains above the midline, which suggests a positive trend in Brent oil.
What to Watch Next
Oil prices could extend their recovery if tanker attacks and storm shutdowns cause further losses in supply. However, continued exports in the Gulf and quick restart of US offshore production could limit the gains. WTI needs to break above $93 to bring $100-$106 into view. A break below the $87 support zone could expose $80. Brent oil faces resistance at $107.50 and $110. A break above $110 could open the way towards $120. In my view, the duration of supply disruptions will help determine whether oil can sustain this rebound.
Read more: Rising Middle East Exports Limit the Rebound
