Search
Popular Search

Key Takeaways:
*Crude oil prices continue to fall as confidence improves toward a potential U.S.–Iran ceasefire deal
*Iran and Oman reportedly reach an understanding on a shipping route through the Strait of Hormuz
*Markets expect increased Middle East energy flows if shipping activity normalises
*Higher-than-expected U.S. crude inventories add further downside pressure on oil prices
Crude oil prices continued to extend losses as investors grew more confident that diplomatic progress between the United States and Iran could lead to a broader ceasefire agreement. The improving tone has reduced concerns over prolonged supply disruptions in the Middle East, prompting traders to further unwind oil’s geopolitical risk premium.
Market optimism strengthened after Iran and Oman reportedly reached an understanding on a proposed shipping route through the Strait of Hormuz. Oman has been playing a key mediating role in discussions involving Iran and the United States, and the latest development has raised expectations that more vessels could eventually pass through the critical waterway safely.
The Strait of Hormuz remains one of the world’s most important energy transit routes, so any progress toward safer shipping conditions is highly significant for oil markets. If energy flows from the Middle East continue to recover, traders may price in a more stable supply outlook, reducing the need for a strong geopolitical premium in crude prices.
At the same time, U.S. officials continued to express confidence that a broader agreement with Iran may be nearing. However, investors remain cautious about the durability of any lasting peace arrangement, especially as key details of the potential deal have not yet been finalised.
Oil prices also faced additional pressure from rising U.S. crude inventories. According to the Energy Information Administration, U.S. crude inventories increased by 2.479 million barrels, sharply above market expectations for a 1.500 million-barrel decline. The unexpected build added to concerns that near-term supply conditions may be looser than expected.
Overall, crude oil remains under pressure as diplomatic progress reduces supply disruption fears while higher U.S. inventories reinforce a softer supply-demand outlook. If the Hormuz shipping route continues to normalise and U.S.–Iran negotiations progress further, oil prices may remain biased to the downside in the near term.
Technical Analysis

Crude oil prices are trading lower, currently testing the 74.95 support level, which acts as a minor near-term floor.
Market attention remains focused on a potential breakdown below this support zone. A confirmed break below 74.95 could extend losses toward the next support level at 71.00, reinforcing the bearish structure.
However, momentum indicators suggest that downside pressure may be easing. The MACD is showing diminishing bearish momentum, while the RSI at 39 is approaching oversold territory, indicating the possibility of a short-term technical rebound if selling pressure fades.
If bearish momentum fails to persist, crude oil may recover and retest the 80.80 resistance level, followed by 86.95 if recovery momentum strengthens.
Resistance Levels: 80.80, 86.95
Support Levels: 74.95, 71.00
Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.
Sign up for a PU Prime Live Account with our hassle-free process.
Effortlessly fund your account with a wide range of channels and accepted currencies.
Access hundreds of instruments under market-leading trading conditions.
Important Notice
Please be advised that our products and services are currently unavailable to residents and entities located in the Philippines.
This restriction is a result of our firm commitment to adhering to applicable legal and regulatory requirements in all jurisdictions where we operate. In line with our internal compliance protocols and evolving global standards, we continuously assess and update access to our platform to ensure full regulatory alignment.
We appreciate your understanding and cooperation.
If you believe this restriction has been applied in error, please contact our support team for further assistance.
Dear Valued Client,
As part of PU Prime’s ongoing commitment to providing a stable and reliable trading environment, please be informed of the following weekly weekend scheduled optimisation activities:
Important Notice: Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.
Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.
By clicking the "Acknowledge" button, you confirm that you are entering this website solely on your own initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on a reverse solicitation basis in accordance with the laws of your home jurisdiction.
Thank You for Your Acknowledgement!
Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.
Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.
By clicking the "Acknowledge" button, you confirm that you are entering this website solely based on your initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on reverse solicitation in accordance with the laws of your home jurisdiction.
Thank You for Your Acknowledgement!
Ten en cuenta que el sitio web está destinado a personas que residen en jurisdicciones donde el acceso al sitio web está permitido por la ley.
Ten en cuenta que PU Prime y sus entidades afiliadas no están establecidas ni operan en tu jurisdicción de origen.
Al hacer clic en el botón "Aceptar", confirmas que estás ingresando a este sitio web por tu propia iniciativa y no como resultado de ningún esfuerzo de marketing específico. Deseas obtener información de este sitio web que se proporciona mediante solicitud inversa de acuerdo con las leyes de tu jurisdicción de origen.
Thank You for Your Acknowledgement!