The current situation can be summarized in one sentence: geopolitical premiums are supporting the price from below, while technical pressure is weighing it down. As long as the Strait of Hormuz blockade remains unresolved, oil prices are unlikely to fall significantly. However, it's definitely not advisable to chase the price higher now, given the substantial gains already made. Currently, short positions can be initiated around $114.5-$115 to potentially profit from a pullback. Support lies at $105.2-$106.8; long positions can be entered at these levels. Technical indicators become insignificant when guided by news, so try to trade with light positions and exit promptly when you take profits.
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The market trend is once again in line with the analysis, and short positions can now be reduced to protect profits.
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