FUNDAMENTAL OVERVIEWAfter Wednesday, it looked like US-Iran tensions were finally subsiding following a comment from Trump where he said that the killing in Iran was stopping and that there were no plans for executions. That triggered a sharp drop in oil prices because Trump threatened "strong actions" in case the Iranian regime killed protestors. Late yesterday, we got a report from Fox News saying that US air, land and sea military assets were moving to the Middle East and added that US military transit to the Middle East is expected to take a week. Now, we might say that a lot can change in a week and that there's still time before worrying about an escalation, but you never know what might happen over the weekend with Trump. He likes decoy, so there's a risk that he's just trying to get Iran to let its guard down before acting. Axios reported that Israeli Prime Minister Benjamin Netanyahu spoke to Trump on Wednesday and asked him to wait to give Israel more time to prepare for possible Iranian retaliation. While this might just be noise, the market might start increasing the geopolitical risk premium again, especially given the much better levels after the sharp selloff on Wednesday. There might also be some hedging into the weekend risk. OIL FUTURES TECHNICAL ANALYSIS - DAILY TIMEFRAMEOn the daily chart, we can see that the price of WTI oil futures dropped all the way back to the key support zone around the 58.80 level. The buyers stepped in there with a defined risk below the support to position for a rally into the 66.00 level next. The sellers, on the other hand, will need the price to break below the support to open the door for a fall back into the 55.00 low. OIL FUTURES TECHNICAL ANALYSIS - 1 HOUR TIMEFRAMEOn the 1 hour chart, we can see that the price has been consolidating right at the support highlighting the uncertainty for what comes next. Technically, it's just about waiting for a breakout on either side and going with the flow at this point. The red lines define the average daily range for today. This article was written by Giuseppe Dellamotta at investinglive.com.