Crude Oil Prices Rebound on Mixed Signals from US-Iran Talks

Crude oil prices rebounded on mixed signals from the US and Iran, as investors remain cautious ahead of potential weekend developments.

US President Donald Trump announced that he was calling off planned strikes on Iran, citing progress in negotiations. However, Iran quickly denied this claim, stating that the Strait of Hormuz remains closed.

This 'escalate to de-escalate' strategy by Trump may limit the upside in oil prices, but without further de-escalation and confirmations of positive talks, prices are likely to drift higher on risks of surprise US attacks.

The technical analysis suggests that crude oil has dropped back to a support zone around $78.00, with buyers stepping in below this level to position for a rally into new highs.