US Crude Oil: Range-bound volatility, sell on rallies, buy on dips

(1) Analysis: The situation between the US and Iran has escalated again, with shipping through the Strait of Hormuz being restricted. WTI has risen to around $92, and supply risk premiums remain high. After last week's sharp increase in oil prices, there is short-term profit-taking pressure, but geopolitical risks and shipping disruptions continue to support prices, maintaining an overall strong and volatile pattern. (2) Key focus: Geopolitical situation, inventory data, US Dollar Index, US CPI (3) Resistance: 92.30, 93.00, 95.00 (4) Support: 90.00, 89.00, 88.00