US crude oil: range-bound fluctuations, buy on dips, sell on highs

(1) Analysis: There have been at least 18 commercial vessel attacks in the Strait of Hormuz over the past two weeks, but Middle East crude oil flows have recovered to about 80% of pre-conflict levels, with supply resilience limiting the upward potential. US-Iran negotiations are ongoing and no final agreement has been reached yet, causing geopolitical premiums to fluctuate repeatedly. WTI's rebound is constrained by the $100 level; in addition, a relatively strong US Dollar Index and expectations of high interest rates are suppressing risk assets. In the short term, price movement will mainly be range-bound. (2) Key focus: geopolitical developments, inventory data, US Dollar Index (3) Resistance levels: 99.60, 100.00, 101.00 (4) Support levels: 98.00, 97.00, 96.00