Chart Alert: WTI crude oil bullish flag in play above $64.15 as US-Iran talk looms

• Oil pullback within strong uptrend: WTI eased 2.4% from its six-month high near $67 after a surprise 16 million-barrel surge in US crude inventories, but remains one of 2026’s top-performing assets with a 14.2% YTD gain.
• Geopolitical risk premium intact: Rising Middle East tensions and upcoming US-Iran nuclear talks in Geneva continue to underpin oil prices, keeping the broader bullish narrative alive despite short-term volatility.
• Bullish flag formation above key support: WTI is consolidating in a bullish flag above $64.15 and its 20-day MA. A breakout above $67 could target $67.80 and $69.08/69.35, while a break below $64.15 risks a pullback toward $62.38/62.05.

Since hitting a 6-month high of around $67.00/barrel last Thursday, 19 February 2026, the price action of WTI crude oil has staged a minor pullback of -2.4% to print an intraday low of around $65.20 on Wednesday, 25 February.

Yesterday’s lackluster movement in oil has been due to higher-than-expected U.S. crude inventories that rose by 16 million barrels last week, the most in three years, above consensus estimates of 1.5 million barrels, according to data compiled by the Energy Information Administration.

Oil has been one of the best-performing asset classes so far this year due to rising geopolitical risk premiums, especially out of the Middle East, as the US military forces amass in the region around the Red Sea ahead of the third round of US-Iran nuclear talks on Thursday, 26 February in Geneva.

WTI crude oil futures recorded a year-to-date gain of 14.2% as of Wednesday, 25 February 2026 (see Fig. 1). Let’s now focus on the short-term technicals of WTI crude.

Since Monday, 23 February 2026, the price actions of West Texas Oil CFD (a proxy of the WTI crude oil futures) have evolved into a potential minor “bullish flag” configuration, a type of bullish consolidation within an ongoing uptrend phase (see Fig. 2).

Watch the $64.15 key short-term pivotal support. A clearance above $67.00 increases the odds of a continuation of the minor bullish impulsive upmove sequence for the next intermediate resistances to come in at $67.80 and $69.08/69.35 (also a Fibonacci extension) in the first step.

However, a break and an hourly close below $64.15 invalidates the bullish tone for a slide to retest the next intermediate support zone of $62.38/62.05 (also the key 200-day moving average).

• Minor “bullish flag” configuration in play since Monday, 23 February 2026, above a rising 20-day moving average.
• The hourly RSI momentum indicator remains supported by an ascending trendline at around the 40 level.