Last Updated on 23/09/2026
- WTI extends losses, sliding toward $89.00 during Wednesday’s Asian trading session.
- Trump stated he remains in a “deciding mode” regarding the next steps in the Iran conflict.
- US crude stockpiles increased by 1.786 million barrels in the week ending September 18, according to the API.
West Texas Intermediate (WTI), the US crude oil benchmark, trades near $89.00 during Wednesday’s early Asian session. The decline comes after US President Donald Trump revealed that Washington held several hours of discussions with Iran.
According to CNBC, Trump said US officials met with an Iranian delegation for three hours on the sidelines of the United Nations General Assembly in New York. Trump described the meeting as “very good.”
Earlier on Tuesday, Trump said he faced a “big decision” over whether to pursue a diplomatic agreement with Iran or continue applying pressure on Tehran. He warned of severe consequences if no agreement is reached to end the conflict, while also indicating that a deal could potentially emerge soon as diplomatic efforts intensify at the UN.
Geopolitical risks remain in focus after the Houthis targeted Riyadh and the Red Sea port of Yanbu on Saturday. Saudi authorities said their defenses intercepted a ballistic missile aimed at Riyadh and prevented the attack on Yanbu from causing damage.
Meanwhile, US crude inventories unexpectedly increased last week. The American Petroleum Institute (API) reported that crude stockpiles rose by 1.786 million barrels in the week ended September 18, following a 7.14-million-barrel increase in the previous week. The figure also contrasted with market expectations for a 500,000-barrel draw.
Oil market watches renewed Saudi supply risks
OCBC analysts see potential for renewed support in crude prices following the latest attacks targeting Saudi Arabia. The Houthis claimed missile and drone strikes against Riyadh and an Aramco facility in Yanbu, while Saudi authorities said the attacks on Yanbu and other locations were successfully thwarted. No fresh damage to oil infrastructure or disruption to production has been reported so far.
Technical Analysis: WTI maintains a constructive outlook above the 100-day SMA
On the daily chart, WTI retains a constructive near-term bias as prices remain comfortably above the 100-day simple moving average (SMA) and the lower Bollinger Band. This suggests that the broader uptrend remains intact despite the recent pullback from cycle highs. However, the middle Bollinger Band provides immediate resistance, while the RSI at 47.42 points to weakening upside momentum rather than deeply oversold conditions.
On the upside, resistance is seen around the middle Bollinger Band at $92.10, followed by the upper Bollinger Band near $102.40. On the downside, $89.10 represents the first key support and short-term pivot. A break lower could expose the 100-day SMA near $85.00, followed by the lower Bollinger Band around $81.75, where buying interest could emerge and help maintain the broader uptrend.
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