Crude oil extended the losses yesterday as hopes for a US-Iran deal strengthened after Iran’s President said the Supreme Leader had granted the government additional authority regarding negotiations.Markets interpreted the news as a sign of greater flexibility to reach an agreement, as strategic decisions are always in the hands of the Supreme Leader.However, oil prices pared some of the losses after the US struck sites on Iran’s Qeshm Island overnight. US officials said the strikes were in response to Iran firing at a US aircraft and did not signal the start of a broader military operation.Trump said he was not looking to strike Iran after the midterm elections, although officials confirmed that all options remain on the table. Meanwhile, Axios reported that the CIA Director had advised Trump to maintain a "no war, no deal" approach, allowing economic pressure on Iran to continue.It goes without saying that a breakthrough in US-Iran negotiations would trigger a significant selloff in crude oil on expected supply improvement. A prolonged stalemate, or worse an escalation after the US elections, should keep oil prices supported. CRUDE OIL TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that crude oil(CFD contract) extended the losses yesterday amid increased US-Iran deal hopes. The price is now approaching the lower bound of the channel. If the price gets there, we can expect the buyers to step in, with a defined risk below the channel, to position for a rally into the 110.00 resistance. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the 68.00 support next, with the 87.00 handle as the first target.CRUDE OIL TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we can see the price broke below the minor support zone around the 100.00 level, which should now turn into a resistance. If the price gets there, we can expect the sellers to step in, with a defined risk above the resistance, to keep targeting a break below the channel. The buyers, on the other hand, will look for a break higher to pile in for a rally into the 110.00 resistance next.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 lean on the trendline, with a defined risk below it, to keep pushing into new highs. The sellers, on the other hand, will look for a break to increase the bearish bets into the lower bound of the channel. The red lines define the average daily range for today. UPCOMING CATALYSTSToday we have the US Job Openings data and the US midterm elections, although we will get the first results early tomorrow. Tomorrow, we have the US ADP and the US ISM Services PMI. On Thursday, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US NFP report and the University of Michigan Consumer sentiment survey. The focus will remain on US-Iran negotiations. This article was written by Giuseppe Dellamotta at investinglive.com.