WTI Crude's 7% Slide Breaks Uptrend, Tests $82.7 Support
WTI fell 7% on July 27 after the U.S. suspended Iran strikes. The gap broke the uptrend, leaving $82.7 as key support. A failure there could open a move to $80.5.
WTI crude oil fell 7% on July 27, 2026, after the U.S. suspended a series of strikes against Iran over the weekend, CNBC reported. The move raised expectations of a diplomatic solution that could reopen the Strait of Hormuz. Brent crude also dropped below $90 a barrel.
On the same day, Bloomberg reported that Yemen's Houthi movement had claimed attacks on Saudi Aramco facilities in Jizan and Yanbu, a reminder that the conflict remains unresolved.
Until the drop, XTIUSD had been in a short-term uptrend since July 2, when it rebounded from $68. That rally, supported by an ascending trendline, peaked near $94.2. The gap on July 27 broke that trendline.
The price now sits between the point of control at $84.7 and the lower profile boundary at $82.7. If that area fails to hold, the next support is the green line at $80.5. Above current levels, the upper profile boundary at $90.3 is the first upside target, with the red resistance at $94.2 beyond that.
The gap occurred on relatively modest trading volume for a move of that size. The RSI stood at 36, and the 55 and 60 moving averages were also noted. The market remains in search of equilibrium.
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