WTI Crude Oil Surges to Fresh Highs Amid Geopolitical Tensions

WTI crude oil has broken out of a consolidation triangle pattern and surged from $82.00 to a fresh high near $86.89 in late August, indicating a shift toward a new short-term uptrend.

Since topping out just below $87.00, the price pulled back slightly and is now hovering around the $85.50 area, with the Fibonacci retracement tool suggesting potential support levels at $85.15 (38.2% Fib), $84.61 (50% level), and $84.07 (61.8% Fib).

The rising trend line connecting higher lows in late August converges with this Fibonacci cluster, reinforcing the idea that this area could hold as a floor for the current uptrend.

Technical indicators are also bullish, with the 100 SMA crossing above the 200 SMA and both indicators below the current price serving as additional dynamic support if the correction deepens further.