Crude oil rallied strongly on Friday as expectations of US strikes on Iran over the weekend strengthened. Those fears proved to be wrong and oil prices opened the week lower.However, Trump has suggested that strikes could resume after the US midterm elections. This threat is likely to keep crude oil supported. Meanwhile, top officials from Saudi Arabia, Turkey and Pakistan are to meet Iran's leaders in Tehran today in their first high-level contact since Saudi Arabia was drawn into war with the Houthis. Reuters sources say the meeting aims to discuss regional coordination amid escalating Houthi attacks and US-Iran tensions.Looking ahead, oil prices will remain supported amid the tensions in the Middle East and the prospects of another US attack. A de-escalation in the Saudi-Houthi conflict or a surprising breakthrough in US-Iran negotiations, on the other hand, should lead to a big correction. CRUDE OIL TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that crude oil(CFD contract) is slowly approaching the resistance zone around the 110.00 level. If the price gets there, we can expect the sellers to step in, with a defined risk above the level, to position for a drop back into the lower bound of the channel. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into the 117.00 level next. CRUDE OIL TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have a minor upward trendline defining the bullish momentum. The buyers will likely continue to 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 lower to extend the drop into the lower bound of the channel.CRUDE OIL TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’s not much we can add here as the buyers will continue to have a better risk to reward setup around the trendline, while the sellers will need a break below the trendline to target a deeper pullback into the lower bound of the channel. The red lines define the average daily range for today. UPCOMING CATALYSTSTomorrowwe get the US Consumer Confidence report. On Wednesday, we have the FOMC rate decision. On Thursday, we get the US GDP report, the US PCE and the latest US Jobless Claims figures. On Friday, we conclude the week with the US Employment Cost Index. This article was written by Giuseppe Dellamotta at investinglive.com.