FUNDAMENTAL OVERVIEW Crude oil sold off last Tuesday as the expectations for a US-Iran deal grew stronger. In fact, on Tuesday, Qatari mediators said that the language for a possible US-Iran agreement had been drafted and US Treasury Secretary Bessent confirmed that an Iran deal could have come as soon as Wednesday and would have included the reopening of the Strait of Hormuz.The losses started to get trimmed though because the anticipated timeline for the deal passed without an announcement and there have been mixed messages regarding the deal and the Hormuz strait. Nevertheless, the lack of US attacks on Iran is a good signal and this will likely keep a lid on oil prices barring another escalation. CRUDE OIL TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that crude oil dropped below the key 78.00 support zone but eventually erased most of the losses. The price is now trading above the support. This is where we can expect the buyers to step in with a defined risk below the support to position for a rally back above the $90 level. The sellers, on the other hand, will want to see the price falling back below the support to pile in for a drop into the 68.00 level next. CRUDE OIL TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we now have a downward trendline defining the bearish momentum. The sellers will likely lean on the trendline with a defined risk above it to keep pushing into new lows. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into new highs.CRUDE OIL TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have a minor upward trendline defining the current pullback. The buyers will likely continue to lean on the trendline to keep pushing into new highs, while the sellers will look for a break lower to pile in for a drop into the 68.00 support next. The red lines define the average daily range for today. UPCOMING CATALYSTSOn Wednesday, we have the US CPI report. On Thursday, we get the US PPI data and the latest US Jobless Claims figures. On Friday, we conclude the week with the US Retail Sales and the University of Michigan Consumer Sentiment report. The US-Iran developments will remain in focus. This article was written by Giuseppe Dellamotta at investinglive.com.