US crude oil: range-bound fluctuation, buy on dips, sell on rallies

(1) Analysis: The restoration of Saudi Arabia's east-west pipeline and expectations of improved Middle East supply are suppressing risk premiums. However, negotiations between the US and Iran remain uncertain, and transportation risks in the Strait of Hormuz are supporting oil prices. In the short term, there is no clear fundamental trend. From a technical perspective, after an oversold correction and rebound, prices have not yet broken out of the range resistance, so a range-bound treatment is maintained. (2) Key focus: geopolitical situation, inventory data, US Dollar Index. (3) Resistance levels: 92.00, 92.50, 93.00. (4) Support levels: 89.00, 88.00, 87.00.