The market experienced repeated back-and-forth movements during the recovery phase following the sharp drop. The Strait of Hormuz remains unopened, and the global daily supply gap of over ten million barrels persists. There is only one core contradiction in the market—whether or not the strait will be opened.
The RSI has rebounded from an extremely oversold level of 18 during the crash to a neutral level of 51, while the MACD is still running in negative territory below the zero line. The daily chart has broken below the main upward trend line, and the short-term bearish structure has not been repaired.
After the ceasefire news was digested, the market entered a phase of "negotiation outcome expectation." As long as the strait is not substantially opened, there will be buying support below; however, as long as negotiations do not completely break down, the upside potential is also limited.
Currently, buying opportunities exist in the $97.0-$97.3 range.
USOIL USOIL USOIL $FXPRO:USOILK2026 $FXPRO:USOILK2026
The RSI has rebounded from an extremely oversold level of 18 during the crash to a neutral level of 51, while the MACD is still running in negative territory below the zero line. The daily chart has broken below the main upward trend line, and the short-term bearish structure has not been repaired.
After the ceasefire news was digested, the market entered a phase of "negotiation outcome expectation." As long as the strait is not substantially opened, there will be buying support below; however, as long as negotiations do not completely break down, the upside potential is also limited.
Currently, buying opportunities exist in the $97.0-$97.3 range.
USOIL USOIL USOIL $FXPRO:USOILK2026 $FXPRO:USOILK2026 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.