Crude retreats from session highs as geopolitical premium fades, testing key technical support levels.
Crude oil prices fell to new session lows, dropping below the 100-hour moving average at $71.65 after a brief rally fueled by Middle East tensions dissipated. The decline followed President Trump’s statement that a cease-fire had ended, which initially pushed prices to a session high of $73.16 before sellers regained control.
Earlier this week, crude climbed above both the 100- and 200-hour moving averages, shifting sentiment bullish. The rally peaked near $76.00 but stalled ahead of resistance between $77.10 and $78.97. The 200-hour moving average at $70.31 remains the next critical support level, with the session low reaching $70.77.
The market now hovers between the 100-hour and 200-hour moving averages, leaving the short-term outlook neutral. A sustained break below $70.31 would signal stronger bearish momentum.