Our previous outlook for crude oil still stands as the market has resumed its decline after tensions in the Middle East eased.

As shown on the chart, the market is still holding above the 85.40–85.60 support zone.

If prices stay above this area, a move up toward 102.20 may start at any time, especially with the fragile situation between Iran and Israel.

A break below 85.40 could lead to more downside, while support at 79.00 may trigger a corrective rebound.

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