Crude oil prices are stabilizing above key historical levels as markets assess whether the next major move will be higher or lower. As of 12 May 2026, crude oil continues to hold above the 2023 highs, reinforcing a structurally bullish foundation in price action. This consolidation reflects a balance between technical strength and macroeconomic uncertainty driven by inflation and supply expectations. The outcome of this range is likely to define the trajectory for energy markets in the months ahead.
Razan Hilal, Market Analyst at Forex.com, specializes in technical analysis across global energy markets. Her focus on price structure and macro-driven catalysts provides a clear framework for interpreting how key levels influence crude oil’s next directional move.
Key Themes from the Discussion
Crude oil holds above the 2023 highs near $91 to $88, reinforcing a bullish structural base.
A sustained move above $100 and $108 could trigger a breakout toward $135 to $160.
Failure below $94 to $95 opens downside risk toward $86, $80, and potentially $74.
Crude oil prices are maintaining a bullish structure by holding firmly above prior resistance levels from 2023. This is evidenced by Razan Hilal’s observation that "we can see a clean, stable hold for crude oil price action above the highs of 2023", confirming sustained strength in recent sessions. This positioning suggests that buyers continue to defend key levels, reinforcing confidence in the underlying trend. If this support remains intact, crude oil markets may continue to build momentum toward higher resistance zones in the near term.
Crude Oil Breakout Above Resistance Could Drive Upside Targets
Crude oil faces a critical test at higher resistance levels that could unlock a significant upside move. Hilal notes that "should we have a clean hold for price action back above the $100 mark and further above the $108 range, we can be expecting a potential bullish breakout", pointing to a decisive technical trigger. As a result, a confirmed breakout could open the path toward extended targets between $135 and $160, based on Fibonacci projections. This scenario would likely attract increased participation from trend-following investors, amplifying price momentum and reinforcing the bullish outlook.
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