Crude oil has fallen to new session lows despite escalating tensions in the Middle East. Earlier today, President Trump posted on Truth Social that the cease-fire was "over," briefly sending prices to the session high of $73.16. However, that geopolitical premium quickly faded as sellers regained control.The decline has now pushed crude back below its 100-hour moving average at $71.65, reducing the near-term bullish bias. What has not happened, however, is a break below the 200-hour moving average at $70.31. That level remains the next key downside target. A sustained move below it would give sellers firmer control of both the short- and intermediate-term technical picture. The session low has reached $70.77, leaving the 200-hour moving average within striking distance.Looking back, crude turned more constructive on Tuesday when it climbed above both the 100- and 200-hour moving averages, shifting the short-term bias to the upside. That rally took the price above the 200 day MA at $74.14, but ultimately stalled near $76.00, just ahead of the next key resistance zone between $77.10 and $78.97. Since then, buyers initially defended the 100-hour moving average on multiple occasions—yesterday and again earlier today—but the latest break below that level over the last hour or so suggests their bullish grip is weakening.For now, the market is caught between the 100-hour and 200-hour moving averages, leaving the short-term technical outlook neutral. A break below the 200-hour moving average ($70.32) would shift the bias back in favor of the sellers, opening the door toward this week's low at $67.89, followed by last week's cycle low at $67.04.On the topside, buyers first need to reclaim the 100-hour moving average, now near $71.68. Doing so would target today's high at $73.16, with the 200-day moving average at $74.14 becoming the next major upside hurdle. This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.