US crude oil dropped back to the low after Monday there was a gap at the high of 79.12. Now oil forms a bearish candle with a long body above the middle band line.
The conflict in the Red Sea is getting hotter, where the Houthis and the US are attacking each other in those waters. Despite this, Saudi Aramco emphasized the manageable risks to its tankers when navigating the Red Sea despite the conflict. On the other hand, the Houthi group explicitly allows Chinese and Russian ships to pass safely, reflecting geopolitical alignment.
Analyzing the price of US Crude oil via Ticktrader FXOpen, even though it had risen to a high of 79.12, the price of oil was again under pressure and returned to 76.67. This may just be a profit-taking action on oil speculation.