Oil Prices Retreat Amid US-Iran Negotiations and Technical Resistance

Crude oil prices have pulled back after last week's surge above $90 per barrel due to renewed US-Iran negotiations and technical resistance levels. Geopolitical risk premiums remain embedded in the market, despite a pause in military strikes.

The unresolved issues that could revive volatility include control and transit rules through the Strait of Hormuz, security guarantees for commercial shipping, and the long-term framework surrounding Iran's nuclear program and potential sanctions relief.

From a technical perspective, both WTI and Brent have retreated back toward the boundaries of the March-June consolidation range. WTI reversed below $93 resistance, which also coincides with the March-June descending trendline resistance.