Will oil prices fall sharply again?WTI Crude (OIL) / US DollarEASYMARKETS:OILUSDJohn-FeltThe crude oil market remained range-bound during Thursday's Asian trading session, with prices hovering around $98.90. After a nearly 5% drop in the previous trading day, market sentiment has temporarily turned cautious, as investors are reassessing the impact of a potential peace agreement between the US and Iran on the global energy supply landscape. US President Trump stated on Wednesday that negotiations between the US and Iran had entered the "final stage," which the market interpreted as a possible sign of easing tensions in the Middle East. Risk premiums quickly fell, pushing international oil prices down sharply. At the same time, US Vice President Vance also stated that Iran was willing to reach an agreement, further strengthening market expectations for de-escalation. Currently, the market remains cautious about the prospects of a US-Iran agreement. Investors generally believe that significant differences remain between the two sides on Iran's nuclear program, with the issue of control of the Strait of Hormuz being one of the core disputes. Therefore, although short-term market sentiment has eased somewhat, reaching a comprehensive agreement remains highly difficult. From a technical perspective, although the daily chart of oil prices showed a significant pullback in the previous trading day, it remains in a strong high-level range overall. Oil prices previously approached a high near $103 before quickly retreating due to shifts in market sentiment. The key support level is currently around $96; a break below this area could lead to a further test of the $93 level. Resistance levels have returned to the $100 and $102 areas. The 4-hour chart shows a short-term consolidation phase at higher levels. The MACD indicator has formed a death cross, releasing some bearish momentum, and the RSI indicator has also clearly retreated from overbought territory, indicating a short-term technical correction is needed. However, prices are still trading above major moving averages, suggesting the medium- to long-term uptrend has not been completely broken. Overall, the core driver of the current oil market remains Middle East geopolitical risks. Although the market has seen a significant pullback in the short term due to news of peace talks, the supply risks have not been truly resolved, and US demand remains stable. Therefore, international oil prices are likely to maintain a wide-range, high-level consolidation pattern in the short term. BUY: 97.5-998 TP1: 98.5 TP2: 99.5 TP3: 100