Crude oil jumped yesterday after Trump stated on Truth Social that the US does not need a deal with Iran, fuelling escalation concerns. Trump warned that the US would not hesitate to take further military action if current measures fail to achieve objectives, while CENTCOM is implementing the naval blockade and working to restore commercial shipping through the Strait of Hormuz. The reported US airstrikes on Sirik, followed by Iranian claims of retaliatory attacks against US radar infrastructure in Bahrain, show that the situation is becoming increasingly fragile. Iran warned that any country directly or indirectly participating in actions against its interests will be considered hostile and held responsible for the consequences. Moreover, there were reports of the Houthis attacking again Saudi energy infrastructure, including the East-West pipeline and Yanbu oil facility. The Saudi-Houthi conflict adds another layer of risk to energy disruptions, but the US-Iran standoff remains the main driver.It goes without saying that a breakthrough in US-Iran negotiations would trigger a significant selloff and take oil prices back to pre-war levels relatively quickly. But as of now, this scenario looks much less probable. An escalation or a prolonged stalemate should keep oil prices supported, although there’s also a chance that Trump decides to proceed with limited strikes against Iran’s nuclear facilities before exiting the war. CRUDE OIL TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that crude oil(CFD contract) jumped yesterday after Trump stated that the US doesn’t need a deal with Iran. The buyers piled in as the price rose above the 87.00 handle to position for a rally into the 110.00 resistance. The sellers, on the other hand, will want to see the price falling back below the 87.00 level to extend the drop into the 80.00 handle next.CRUDE OIL TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we now have an upward trendline defining the bullish momentum. 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 the 110.00 resistance, with the 92.50 level as the first target. The sellers, on the other hand, will look for a break lower to pile in for a drop into the 80.00 handle next.CRUDE OIL TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’s not much we can add here as the buyers piled in already on the break of the downward trendline, and for the next opportunity we will likely need a pullback into the upward trendline. The sellers, on the other hand, will want to see the price coming into the 92.50 level or breaking below the upward trendline to position for new lows. The red lines define the average daily range for today. UPCOMING CATALYSTSTodaywe conclude the week with the US PPI data. The focus will remain on US-Iran developments. This article was written by Giuseppe Dellamotta at investinglive.com.