Crude oil benchmarks extended their rally on Wednesday, Sept. 9, as escalating Middle East attacks raised concerns about Gulf exports and shipping through the Strait of Hormuz. Brent crude rose 1.4% to $99.33 a barrel by 2:12 a.m. GMT, while U.S. West Texas Intermediate advanced 1.4% to $94.34, according to Reuters. The advance marked a fourth consecutive session of gains.
New attacks involving Iran, U.S. forces and Iran-backed Houthis increased the risk of disruptions to regional energy infrastructure. Preliminary Kpler data showed only six commodity vessels crossed the Strait of Hormuz on Tuesday, compared with a 10-day average of 12, underscoring the growing supply-risk premium.
From a technical perspective, WTI recently broke through a resistance zone near $92, which combined the June reversal level and the 61.8% Fibonacci retracement of the April-to-summer decline. The breakout accelerated the active minor impulse wave C within a medium-term impulse wave, and analysts see a further rise toward $95 as the target for the active intermediate impulse wave (3). WTI is holding above rising short-term support near its 50-period exponential moving average at about $93.11, with the $94-$95 area now a key test.
Brent is approaching an important technical barrier between $102 and $104, where a horizontal supply zone converges with a longer-term descending trendline. Although Brent briefly traded above that falling trendline, an upper wick near $100-$101 showed sellers remain active. A sustained break above $104 would strengthen the bullish case, while failure to clear the zone could trigger consolidation or a pullback.
Supply-side relief remains limited. Seven OPEC+ producers, including Saudi Arabia and Russia, agreed Sunday to maintain September production levels through October, with the next meeting scheduled for Oct. 4. U.S. commercial crude inventories fell 4.5 million barrels to 424.5 million barrels in the week ended Aug. 28, while refinery utilization climbed to 98%.
Weakening Chinese oil demand remains a counterweight. Sinopec’s research arm expects Chinese oil consumption to decline by 600,000 barrels a day, or 8.9%, in 2026, marking a third consecutive annual decline. For crude prices, $100 is the immediate psychological test for Brent; macro sentiment could continue to influence broader risk assets, including digital assets, but this report contains no direct cryptocurrency-specific developments.
