Saad Ullah
WTI crude oil has pushed to approximately $115.50 per barrel, extending a strong rally that has more than doubled prices since the December 2025 low. As noted by The Kobeissi Letter, the move reflects a sharp acceleration in oil prices alongside rising inflation expectations - a dynamic that is reshaping energy markets heading into mid-year.
The WTI Breakout That Fueled the Acceleration
The chart shows a clear bullish structure, with price transitioning from a corrective phase into a strong upward expansion. After dipping toward the $98-$100 zone, oil reversed sharply and initiated a near-vertical move higher.
The breakout above the $105 area marked a key structural shift. This level previously acted as resistance during consolidation, and once cleared, price quickly advanced toward $110 with strong bullish candles and minimal pullback. The sequence of higher highs and higher lows confirms WTI crude oil near $95.34, eyes highest close since August 2022 - a sustained uptrend now extending well beyond earlier targets.
Oil prices have more than doubled since the December 2025 low, with the breakout above $105 triggering a near-vertical acceleration that caught many traders off guard.
Momentum remained intact as price pushed through $110, establishing it as a new support zone. The move into the $112-$115 range reflects continued buying pressure without any meaningful structural breakdown.
Signs of Pressure Near $115-$116 Resistance
As oil approaches the $115-$116 area, the chart shows early signs of resistance. Several recent candles feature upper wicks, suggesting sellers are beginning to react at these elevated levels.
However, price has not broken down. Instead, it continues to hold above the $110-$112 support zone, indicating that buyers remain in control for now. Broader context for what elevated crude means at these levels is captured well in the recent look at how WTI crude oil spikes to $110-$120 as Strait of Hormuz closes - a geopolitical factor still weighing on supply expectations.
The structure remains bullish as long as the $110-$112 support zone holds - repeated tests of the highs without a decisive rejection point to continuation pressure rather than imminent reversal.
The price action suggests a tightening range just below resistance, where repeated tests of the highs are occurring without a decisive rejection. This behavior often reflects continuation pressure rather than immediate reversal.
WTI Trend Strength Remains Intact Above $110
The overall structure remains firmly bullish, with no confirmed signs of trend exhaustion. The sharp impulse from early April, combined with sustained consolidation near highs, points to a market still driven by upward momentum.
Oil's ability to hold above prior breakout zones reinforces the strength of the current move. Recent coverage has also highlighted how crude breaking key levels can accelerate trends and impact broader expectations - including inflation dynamics that are already feeding into macro positioning. A closer look at prior range behavior is available in the USOIL price analysis: crude oil eyes $73.90 resistance, which provides useful historical context for how oil navigates these structural inflection points.
The sharp acceleration in oil prices is running alongside rising inflation expectations - a combination that suggests this rally is not purely supply-driven but also reflects shifting macro sentiment.
If price maintains its position above $110, the uptrend structure remains intact, with continued pressure building near current highs rather than clear evidence of reversal.
Saad Ullah
