CL New York Crude Oil – Prices Rebound as Markets Review US-Iran Talks

Oil prices fell on Thursday, initially dropping $5 on optimism that the US and Iran were close to reaching a limited ceasefire agreement. However, reports that the U.S. was considering resuming escort operations in the Strait of Hormuz as early as this week to protect merchant ships passing through this crucial waterway dampened market sentiment. Additionally, reports of what sounded like an explosion near the Iranian port of Bandar Abbas further supported prices.

Technically, the RSI has slightly rebounded in the middle range, suggesting that oil prices may stabilize for the time being. Upward resistance is estimated at $98.60 and $100, with the next levels at $102.70 and $105.50. On the downside, $80-$84 is a key support level. Near-term support is forecasted to $95 and $92.60, with the next levels at $89.80 and $88.60.

Forecasted range:
Resistance: 98.60 – 100.00 – 102.70 – 105.50
Support: 95.00 – 92.60 – 89.80 – 88.60

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