FUNDAMENTALOVERVIEWCrude oil opened with a bigpositive gap today after the USand Israel launched a coordinated attack over the weekend against variousIran’s targets that included key officials and military facilities. Theiroperation managed to kill Iran’s Supreme Leader Khamenei and many other regimeofficials. Iran responded with broadattacks against Israel and US bases in various Gulf regions like Jordan, Kuwait, Bahrain, Qatar, Iraq, Saudi Arabia, and the UnitedArab Emirates aimed at building pressure to end the war. The Strait of Hormuz is nowvirtually closed as traffic fell sharply after at least three ships wereattacked. This is keeping oil prices supported despite OPEC+decision to increase output by more than expected. Traders are now askingthemselves what comes next as that would not only decide the fate of the oilmarket but also of the global economy. The main risk for oil bulls is a de-escalation, as crudeoil would erase quickly the recent gains much like it did last June. Conversely,a prolonged war will likely keep the market supported with 80+ prices being onthe cards.CRUDE OILTECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that crude oil opened with a big positive gap around the 75.00 level andpulled all the way back to roughly 69.00 on some profit taking before rallyingback to the 73.00 level. The volatility will likely remain high amid the uncertainty.If we get a de-escalation, we can expect a quick selloff to the upward trendlinearound the 65.00 level. There’s not much else we can glean from this timeframe,so we need to zoom in to see some more details. CRUDE OIL TECHNICALANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we cansee the price is consolidating above the 70.00 level as traders remain uncertainon what’s next. We have a minor upward trendline defining the bullish momentumon this timeframe, which could act as support in case of a pullback. Absent ade-escalation, we can expect the buyers to lean on the trendline with a definedrisk below it to keep pushing into new highs. The sellers, on the other hand,will look for a break lower to extend the pullback into the 65.00 area next.CRUDE OIL TECHNICALANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’snot much we can add here as the buyers will have a better risk to reward setuparound the minor trendline, while the sellers will have to wait for de-escalationsignals as this remains a buyers’ market. In case, the upside momentum resumes,the buyers will look for a break above the recent high around the 75.00 levelto increase the bullish bets into the 80.00 level next. UPCOMING CATALYSTSToday we get the US ISM Manufacturing PMI. On Wednesday, we have the USADP and the US ISM Services PMI. On Thursday, we get the latest US JoblessClaims figures. On Friday, we conclude the week with the US NFP report. Thedata might not matter much this week amid the US-Iran conflict. This article was written by Giuseppe Dellamotta at investinglive.com.