FUNDAMENTALOVERVIEWOil prices surged yesterdayafter early reports suggested the third round of US–Iran talks had broken down,with Iran reportedly rejecting US demands. Later in the day, however, newheadlines indicated that the discussions had actually made significant progressand that another round was scheduled for next week. The prices pulled back onthe news but eventually rebounded as traders hedged into the weekend risk asyou never know with Trump. This kind of back-and-forth is keeping the marketrangebound near the highs with a bullish skew.If a military conflict were to erupt, oil prices would likely spikesharply, particularly due to the risk of disruption in the Strait of Hormuz, acritical chokepoint for global energy supplies. Conversely, a clear sign of USmilitary de-escalation or a breakthrough in negotiations between Washington andTehran would likely be needed for prices to retreat toward the $60 level. For now, elevated geopolitical tensions are expected to keep the oil marketwell supported.CRUDE OILTECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that crude oil continues to consolidate around the highs as US-Iran tensionspersist. We can expect the sellers to continue to step in around the 66.43resistance with a defined risk above it to target a drop back into the 62.36support. The buyers, on the other hand, will look for a break higher toincrease the bullish bets into the 70.50 level next.CRUDE OIL TECHNICALANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we cansee the price probed below the mid-range support around the 64.14 level buteventually rebounded. There’s not much we can add here as the sellers willcontinue to step in around the resistance, while the buyers will look for abreakout.CRUDE OIL TECHNICALANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we cansee the price broke above the minor downward trendline and pulled back toretest it before another push to the upside. The price action remains mostlyrangebound so there could be many false breaks. From a risk management perspective,the sellers continue to have a better risk to reward setup around the highs, whilethe buyers around the 62.36 support. The red lines define the average daily range for today.UPCOMING CATALYSTSToday we conclude the week with the US PPI report but continue to watch outfor US-Iran headlines ahead of the weekend. This article was written by Giuseppe Dellamotta at investinglive.com.