Crude oil dropped to start the week as Trump has waived several sanctions and tariffs on Russia to ease fuel shortages and contain prices without making concessions to Iran. Meanwhile, Ukraine launched a major drone attack targeting energy infrastructure around St Petersburg, including an oil export terminal, undermining prospects for the proposed energy ceasefire. This could keep the risk premium high despite Trump’s waiver. The US–Iran conflict remains the main bullish driver for oil, with the negotiations for the reopening of the Strait of Hormuz stalled. Attacks on commercial shipping continue, and Gulf crude exports fell sharply last week, according to Kpler data cited by Reuters. Moreover, the conflict between Saudi Arabia and the Houthis continues with attacks on key infrastructure and oil supply disruptions. Without a de-escalation in the Middle East, oil prices will likely remain supported. CRUDE OIL TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that crude oil(CFD contract) broke above the 96.77 level and pulled back to retest the level. The buyers will likely step in around the 96.77 level, with a defined risk below it, to keep targeting the 110.00 resistance. The sellers, on the other hand, will want to see the price falling back below the level to position for a drop into the lower bound of the channel. CRUDE OIL TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have a minor upward trendline defining the bullish momentum. The buyers will likely continue to lean on the trendline, with a defined risk below it, to keep pushing into new highs. The sellers, on the other hand, will look for a break lower to extend the pullback into the lower bound of the channel.CRUDE OIL TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’s not much we can add here as the buyers will likely step in around these levels, with a defined risk below the trendline, to keep pushing into new highs, while the sellers will need a break below the most recent lower low around the 95.30 level to open the door for new lows. The red lines define the average daily range for today. UPCOMING CATALYSTSOn Thursday we get the latest US Jobless Claims figures, while on Friday we conclude the week with the Flash US PMIs. The focus will remain on the Middle East developments. This article was written by Giuseppe Dellamotta at investinglive.com.