The ability of the oil market to shrug of geopolitical (and physical) impacts this year is truly a marvel.Crude rose at the open and climbed as high as $94.37 per barrel today but has now largely retreated and is up 88-cents to $92.30. Earlier this hour, brent prices even turned briefly negative.The chart here is where it gets interesting as today's move could be a false breakout above the June high. Oil has been consolidating near that levels but it's been losing momentum after a bit runup from $80. Today was a 'good news' day for oil but it wasn't able to complete the break. That begs the question: if it can't rally on good news, when can it?The US struck three Iranian tankers on the weekend and sunk one. That was after Iran fired on US ships and US bases in the region. The Yemeni Houthis also struck and shut down some Saudi oil infrastructure on the weekend.Overall though, I'm still bullish on oil. It's tough to pin down how much oil the Hormuz conflict is removing from the global market but it's a material number. China has dramatically slowed its imports and the US is using the SPR but that isn't sustainable so the squeeze is coming and it's going to take awhile to get everything running properly once it's all over. For now, the pain is being felt in record diesel prices but it won't be long until that works its way into crude. This article was written by Adam Button at investinglive.com.