Oil prices are again risinginto triple digit levels due to the lack of any breakthrough in the US-Iran “negotiations”and the increasing risk of an escalation over the weekend. Trump has beenjawboning prices throughout the entire week with ceasefire comments and claimsthat Iran has been “begging” him for a deal. Meanwhile, the US military buildupin the Middle East increased the speculations of a potential ground invasion. Late yesterday, Trumpextended the ceasefire through April 6, right as major equity indices were onthe verge of breaking to new monthly lows and Treasury yields were pushingtoward fresh highs. He claimed Iran requested the extension, but the Iraniansdenied such claim. It looked like anotherattempt to jawbone the market, but this time it didn’t have the same impact asearlier in the week and the losses were quickly faded. We might see morehedging into the weekend risk throughout the day which should keep oil pricessupported into new highs.If we get a serious escalation over the weekend, we can expect WTI to open above the 120.00 handle and all the other markets in deep red. The probability of a recession at that point will be very high. On the 4 hour chart, we cansee the slowly erosion of Monday’s losses as speculations of a potential groundinvasion increased. Unless Trump jawbones prices again or we get a clear breakthrough,we can expect oil to rise back into the 102.00 resistance. If we get a pullback,the buyers will likely lean on the trendline with a defined risk below it tokeep pushing into new highs, while the sellers will look for a break toincrease the bearish bets into the 78.00 support. This article was written by Giuseppe Dellamotta at investinglive.com.