Oil Tests the Resistance in the 65 Area Before the Breakout of the 67 Zone

Group 1 - Crude oil is showing signs of weakness despite ongoing geopolitical tensions, indicating that market positioning and underlying balance are becoming more significant than news and rumors [1] - New sanctions related to Iran and disruptions in the Strait of Hormuz have added a "risk premium" to crude prices, but market reactions have been measured rather than explosive [2] - Robust Russian exports, continued Iranian flows via shadow fleets, and US production near historical highs are complicating the ability of oil prices to maintain a bullish trend [2] Group 2 - The combination of opposing forces is creating uncertainty and price compression, with upcoming nuclear talks between the US and Iran potentially influencing price movements [3] - Recent price action on the Renko chart indicates a transition from a trend regime to a range, with sellers liquidating rallies and buyers seeking better support levels [4]