Crude stabilizes near a key trendline after dropping on optimism over potential progress in Iran conflict negotiations.
Crude oil prices fell sharply today amid speculation that diplomatic efforts could ease tensions in Iran, pushing the market to a low of $90.32. Buyers emerged at this level, which aligns with an upward-sloping trendline connecting late-February and April lows, halting further declines.
The price has since consolidated between $90.32 and $92.71, with traders eyeing these levels as critical near-term support and resistance. A break below $90.32 could signal a bearish shift, targeting the May low at $88.66, while a move above $92.71 may revive interest in higher resistance at $94.73.
Market sentiment remains cautious, with further upside potentially challenging if diplomatic progress continues. Key resistance lies between $96.34 and $97.34, a zone that could dictate the next directional move.