Oil Surges Again to $86 as Iran Attacks Ships in Hormuz – Intraday Analysis

Author: Elior Manier | Date: 11 March 2026

Market Overview

Oil prices have surged to $86 following recent military actions in the Strait of Hormuz, where Iran attacked three ships. This incident has contributed to a volatile trading environment, with West Texas Intermediate (WTI) crude oil experiencing significant fluctuations.

Recent Price Movements

After a notable drop to $76, WTI bounced back to around $87, reflecting the market's reaction to geopolitical tensions. The volatility observed in the oil market has been substantial, with prices previously nearing $120 just days prior. Analysts suggest that the market may be stabilizing after a period of extreme fluctuations.

Technical Analysis

The current trading range for WTI is identified between $83 and $88. Despite the ongoing military conflict, there are limited fundamental reasons for a significant decline in oil prices. Analysts predict that as the conflict persists, there may be a gradual upward trend in prices.

Key Levels to Watch

Resistance levels are noted at:

• $88.00 (4H 50-Period MA)
• $89 to $91 (Channel and Range highs)
• $93.50 to $95
• $98 to $100
• $106 to $108 (June 2022 Resistance)
• $116 to $120 (2022 and Monday highs)

Support levels include:

• $82.80 to $84 (Range lows)
• $78 to $80 (2025 Highs Key Support)
• $76.50 (Past session lows)
• $73.00 to $74.00 (Past week spike)
• $69 to $70 (Main Support)
• $67.50 to $68 (September 2025 Mid-term Support)
• $55.00 (2025 lows)

Market Sentiment and Future Outlook

Traders are advised to monitor the situation closely, as any new developments in the Strait of Hormuz could lead to sudden price movements. The upcoming FOMC meeting and the release of the Core PCE data will also be critical in shaping market sentiment.

Conclusion

As the geopolitical landscape evolves, oil traders should remain vigilant and prepared for potential volatility. The current consolidation phase may persist, but a gradual upward trend could emerge if the conflict continues without resolution.

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