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Published: 28 October 2026,03:34
Daily Market Analysis New
*WTI retreated toward $100 per barrel for a second consecutive session as diplomatic developments eased immediate supply concerns.
*Iran’s leadership discussed conditions for ending the conflict following regional diplomatic efforts involving Saudi Arabia, Turkey and Pakistan.
*Iran’s intention to maintain control over the strategic waterway continues to raise uncertainty surrounding global energy flows.
Crude oil prices extended their decline for a second consecutive session on Tuesday, with West Texas Intermediate (WTI) retreating toward $100 per barrel as investors assessed renewed diplomatic efforts aimed at easing geopolitical tensions in the Middle East. The pullback followed a strong rally driven by concerns over potential disruptions to regional energy supplies, with improving prospects for diplomatic negotiations encouraging profit-taking in the oil market.
Recent developments indicated potential progress toward regional de-escalation after Iran’s Supreme Leader Mojtaba Khamenei met senior security official Mohsen Rezaei to discuss conditions for ending the conflict with the United States. The discussions followed diplomatic engagements involving representatives from Saudi Arabia, Turkey and Pakistan, highlighting growing regional efforts to reduce military tensions and restore stability.
According to Iranian state media, the discussions focused on ending the current conflict while maintaining Iran’s strategic position over the Strait of Hormuz, one of the world’s most important energy transportation routes. The renewed diplomatic momentum raised hopes that regional energy disruptions could gradually ease, potentially improving crude oil exports and reducing the geopolitical risk premium that has supported prices in recent weeks.
However, uncertainty remains elevated as Iran’s conditions for ending the conflict have yet to be resolved. Meanwhile, persistent Houthi attacks targeting Saudi Arabia and regional infrastructure continue to threaten energy supply security, raising concerns that renewed military escalation could disrupt shipping activity and crude oil exports.
Looking ahead, crude oil prices could remain volatile as investors monitor the progress of diplomatic negotiations and developments surrounding the Strait of Hormuz. Meaningful progress toward a peace agreement could reduce supply disruption risks and extend oil’s recent correction. Conversely, renewed military tensions or further attacks on energy infrastructure could revive supply concerns and support another upward movement in crude oil prices.
Technical Analysis
CL-Oil, H4:
Crude oil prices are trading higher after rebounding from the 99.80 support level and the ascending trendline, suggesting a short-term technical recovery following the previous sharp selloff.
Momentum indicators are improving, with the MACD showing increasing bullish momentum, while the RSI at 53 has rebounded sharply from oversold territory and moved above the midline. This suggests that buying pressure is recovering, increasing the possibility of further upside in the near term. If bullish momentum persists, crude oil could extend its recovery toward the 102.85 resistance level, followed by 106.70 if buying pressure strengthens.
However, if bullish momentum fails to sustain, crude oil may experience another technical retracement and retest the ascending trendline and 99.80 support level, with further downside toward 96.50 if selling pressure intensifies.
Resistance Levels: 102.85, 106.70
Support Levels: 99.80, 96.50
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