Crude oil gave back some of yesterday’s gains overnight, although the geopolitical situation remained unchanged. The Houthis continue to attack Saudi Arabia, keeping concerns about further disruptions to energy infrastructure and shipping routes high. Meanwhile, US-Iran negotiations remain at a stalemate, with no breakthrough in sight to reopen the Strait of Hormuz.On the Russia-Ukraine front, the proposed energy ceasefire remains uncertain, with Kiev reporting further Russian strikes on energy infrastructure. Meanwhile, potential increases in Russian fuel exports could help ease refined-product supply constraints, although it might just be a short-term relief. Oil prices remain the key transmission channel between geopolitical developments and other markets.Looking ahead, the focus will remain on the Middle East developments. A breakthrough in US-Iran negotiations will trigger a strong selloff in crude oil on improved supply expectations. A re-escalation, on the other hand, will likely take oil prices back above the $100 level. CRUDE OIL TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that crude oil(CFD contract) has extended the gains into new weekly highs yesterday before pulling back. If the price moves back into the lower bound of the channel, 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 look for a break lower to pile in for a drop into the 68.00 support next, with the 80.00 level as the first target.CRUDE OIL TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have a minor upward trendline defining the current bullish momentum. The buyers will likely continue to lean on the trendline, with a defined risk below it, to keep pushing into the 96.77 level. The sellers, on the other hand, will look for a break lower to extend the pullback into the lower bound of the channel, targeting a break below it. CRUDE OIL TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have a minor downward trendline defining the current pullback. The sellers will likely continue to lean on it, with a defined risk above it, to keep pushing into new lows. The buyers, on the other hand, will want to see the price breaking higher to pile in for a rally into the 96.77 level next. The red lines define the average daily range for today. UPCOMING CATALYSTSTomorrow we have the US CPI report. On Thursday, we get the US PPI, the US Retail Sales and the latest US Jobless Claims figures. The focus, though, will remain on US-Iran negotiations. This article was written by Giuseppe Dellamotta at investinglive.com.