FUNDAMENTAL OVERVIEW Crude oil extended the losses yesterday as hopes of de-escalation continued to grow ahead of Trump’s meeting with Gulf leaders and potentially Iranian President Pezeshkian at the UN General Assembly.Moreover, the Financial Times reported yesterday that Gulf governments have called for a reset in relations with Iran, with the UAE pushing for a “new mindset” and Qatar advocating for a regional “security framework” with Iran following the conflict, which exposed their vulnerability to Iranian attacks and undermined confidence in the US security presence in the region.The Qatari Prime Minister called the war against Iran, initiated by the US and Israel in February, a “wake-up call” during a side event at the UN General Assembly. He stated that the Gulf needs to “act responsibly as a region and have good relations with Iran”. He added that they are working toward that goal and that regional partners believe in it.This is a strong indication that Gulf leaders have had enough of the war with Iran and are pushing for an end to the conflict. This is yet another sign that we are entering a de-escalation phase, with markets positioning for that outcome. The US is also facing a strategic munitions shortfall, as confirmed by the Pentagon last week, so there are several constraints increasing pressure on Trump to end the war.It goes without saying that a de-escalation would send oil prices much lower as supply concerns would ease, while a re-escalation would likely trigger another surge that could quickly push WTI oil back above $100. CRUDE OIL TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that crude oil(CFD contract) probed below the support zone around the 93.00 level yesterday but eventually rose back above it. The buyers will likely continue to step in around the support with a defined risk below it to position for a rally back into the 105.00 resistance. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the lower bound of the channel around the 85.00 level. CRUDE OIL TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have a downward trendline defining the bearish momentum. If we get a pullback, we can expect the sellers to lean on the trendline 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 increase the bullish bets into the 105.00 resistance.CRUDE OIL TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have a minor upward trendline defining the current pullback. The buyers will likely continue to lean on the trendline with a defined risk below it to keep pushing into the 4-hour trendline. The sellers, on the other hand, will look for a break lower to pile in for a drop into new lows. The red lines define the average daily range for today. UPCOMING CATALYSTSToday, we have Trump meeting with Gulf leaders and potentially with Iran’s President at the UN General Assembly. Tomorrow, we get the Flash US PMIs. On Thursday, we have the Trump-Xi meeting. This article was written by Giuseppe Dellamotta at investinglive.com.