Hormuz Uncertainty Boosts Oil Prices Amid WTI Breakout Bids

Crude oil prices have rebounded on Monday, August 10, as renewed uncertainty over the Strait of Hormuz has restored part of the geopolitical premium that was erased during last week's sharp sell-off.

Brent crude traded around $84.38 a barrel, while West Texas Intermediate (WTI) was near $78.75, leaving WTI just below an important technical resistance area between $79-$80.

The four-hour WTI chart shows that crude is recovering from support near the mid-$70s but running directly into a descending resistance line. Analyst Viv highlights $79-$80 as the bullish breakout zone, with a sustained move through that region potentially shifting attention toward $85.91, $87.56, and $89.22.

However, this remains an analyst scenario rather than a confirmed forecast. The downside trigger sits around $76.30-$76.80. A decisive break below that support would weaken the recovery and could expose the $73.53 area followed by roughly $71.88.