Chart Alert: WTI Crude Oil Key Short-Term Support at $102.25 for Another 20% Rally

Key takeaways

• Oil surges amid geopolitical supply fears: West Texas Intermediate crude oil jumped as much as 30% intraday to $119.54, marking its highest level since 2022, driven by concerns that the US–Iran war in 2026 could disrupt global energy flows through the Strait of Hormuz.
• Pullback after potential strategic reserve release: Prices later retraced to around $102–$103 after reports that several Group of Seven nations may coordinate a release of emergency oil reserves to ease supply pressures.
• Technical outlook remains bullish above key support: As long as WTI holds above $102.25, the short-term bullish acceleration phase may persist with potential upside targets at $124.40 and $130–$132, while a break below that level could trigger a deeper correction toward $92–$86.

West Texas (WTI) crude oil has continued its relentless bullish move in today’s Asia session, 9 March 2026, where it gapped up and staged an intraday rally of 30% to print a current high of $119.54/barrel, its highest level since June 2022.

Thereafter, WTI crude oil gains have been reduced by almost half to around 13% to trade at around $102.90/barrel after a media report highlighted that three of the G-7 countries, including the US, have expressed support for a possible joint release of their respective stockpile of oil reserves.

The recent steep rally seen in oil prices, WTI crude oil recorded a weekly gain of 35.6% for the week of March 2, 2026, its best weekly performance since the week of July 30, 1979 (+38.7%) has been attributed to a rising risk that global oil supplies may face significant shortages to the a prolong closure of the Strait of Hormuz after Iran stated that its military forces are prepared to continue an “intense war” against the US and Israel for at least six months.

Here’s the latest potential short-term trajectory (1 to 3 days) of WTI crude oil from a technical analysis perspective.

WTI Crude Oil – Minor bullish acceleration phase remains intact

Fig. 1: West Texas Oil CFD minor trend as of 9 Mar 2026 (