Crude Bounces Off Support as Iran and Oman Near Hormuz Revenue Deal

Crude bounced back yesterday, recovering from oversold conditions after finding support at 80.34. The bigger driver is progress between Iran and Oman on a deal to share revenues from the Strait of Hormuz, alongside a broader US shift toward diplomacy and economic sanctions and away from military action. For traders, Dan flags 82.92 as a reasonable spot to take profits on the short-term bounce, with the intraday range set between 80.34 and 83.26. Longer-term, the fundamental view remains bullish, which is still shaping how Dan approaches buy and sell levels.A sunset over a fuel tanker by Sebastian via Pixabay