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Oil prices stay bullish as tight supply and infrastructure attacks push WTI crude near key resistance levels.

Market News
23 Mar 2026
FXEmpire
View Source
Bullish
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WTI crude oil prices remain strong, holding above the 52-week moving average and testing a critical 61.8% Fibonacci retracement level near $98.98, which could trigger a rise toward contract highs above $113. Supply tightness is intensified not just by shipping delays through the Strait of Hormuz but also by attacks on export terminals and processing plants, causing longer-lasting disruptions. Multiple oil-producing countries are facing supply squeezes simultaneously, leading to increased competition among buyers and supporting sustained bullish momentum. Governments releasing strategic reserves have so far only slowed price gains without reversing the trend, while the physical market confirms tight supply as buyers scramble for cargoes, making a bearish outlook unlikely in the near term.

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