Oil prices rose in Asian trading on Wednesday as concerns over new sanctions against Russia and stalled nuclear talks between the U.S. and Iran heightened fears of supply disruptions. Meanwhile, markets remain cautious ahead of the key OPEC+ meeting later this week.
Oil Prices Rise Amid Sanctions and Supply Restrictions
Both Brent and West Texas Intermediate (WTI) crude saw a 0.7% increase, driven by geopolitical tensions and U.S. export restrictions weighing on global supply.
The U.S. decision to ban Chevron from exporting Venezuelan oil has further fueled concerns over tightening supply.
Additionally, the U.S.-Iran nuclear negotiations ended with no significant progress, raising the likelihood of increased pressure on Iran’s oil exports.
At the same time, recent reports indicate that OPEC+ members may agree to a production increase of around 411,000 barrels per day for July during their upcoming meeting, which could affect the supply-demand balance.
Learn more about fundamental analysis.
WTI Oil Analysis – May 28, 2025
On the 4-hour timeframe, WTI crude remains stable around the $60 level, which sits in the middle of a sideways trend.
This $60 mark is acting as a support zone. However, since the price has declined from the upper boundary of the range and the downward move originates from this support area, we expect a potential break below this level. The price may drop toward the $57.50 zone, triggering high-volume buy orders and liquidity collection, which could fuel a bullish move toward $64 and eventually the $72 target.
Possible scenarios for this week and key levels to watch are illustrated in the chart.
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