FUNDAMENTAL OVERVIEW Oil prices remain supported amid the ongoing US-Iran conflict as both sides continue to exchange strikes and the Strait of Hormuz remains in a de facto closure. In addition to that, we now have shipping disruptions in the Red Sea as well after the Houthis announced a naval blockade on Saudi Arabia on Monday.Despite the military escalation, diplomatic efforts to restore a ceasefire continue. Reuters reported that mediators have floated proposals aimed at reviving negotiations between Tehran and Washington.There’s not much to add on the fundamental side as the price action continues to be driven by US-Iran headlines. As long as the crisis persists, oil prices will remain well supported into new highs. Positive news will continue to trigger pullbacks, while more concrete signs of de-escalation could mark the top and reverse the trend. CRUDE OIL TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that crude oil reached the major downward trendline around the 88.00 handle and it’s now rejecting it as the sellers are stepping in with a defined risk above the trendline to position for a drop back into the 78.00 support. The buyers will want to see the price breaking higher to open the door for a rally into the 96.00 handle next. CRUDE OIL TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have an upward trendline defining the bullish structure. If we get a pullback, we can expect the buyers to lean on the trendline with a defined risk below it to keep pushing into new highs. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the 78.00 support next.CRUDE OIL TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have another minor upward trendline defining the bullish momentum on this timeframe. More aggressive buyers will likely lean on the trendline to keep targeting new highs, while the sellers will look for a break to extend the pullback into the next trendline. The red lines define the average daily range for today. UPCOMING CATALYSTSTomorrow, we get the latest US Jobless Claims figures, while on Friday we conclude the week with the Flash US PMIs. The focus remains on US-Iran headlines. This article was written by Giuseppe Dellamotta at investinglive.com.