Oil News: Crude Oil Analysis Highlights Rising Conflict Risk Ahead of Iran Negotiations

Market Analysis - Key support levels for the asset include an uptrend line from January 7 at $55.48, currently at $64.70, and a 50% retracement level at $64.52 [1] - Additional support levels are identified at $62.84 and $61.08, with major indicators being the 200-day moving average at $60.97 and the 50-day moving average at $60.43, which is expected to cross above the 200-day MA soon, signaling bullish momentum [1] Geopolitical Impact on Oil Supply - Ongoing discussions regarding Iran's nuclear program are set to resume in Geneva, with the U.S. pressuring Iran to abandon its nuclear ambitions, which Iran has resisted, claiming it as their right [2] - President Trump's statement indicates a potential military action against Iran within a 10-to-15-day timeframe if negotiations do not yield results, raising concerns about oil supply disruptions [3] - Traders are currently hedging against potential oil supply disruptions, with estimates suggesting a protective stance of 6% to 10% taken by traders, despite no oil supply being lost yet [4] - The U.S. State Department's withdrawal of non-essential personnel from the embassy in Beirut signals increasing tensions and a possible escalation in military actions [4]