On Thursday (April 23) during Asian trading, US crude oil prices retreated after reaching a recent high. It briefly rose to around $97.20, a new high in nearly a week and a half, but subsequently gave back some gains, currently holding above $93, still showing a slight increase for the day. The core factor driving this round of oil price increases remains the uncertainty surrounding the Middle East situation. Although the ceasefire agreement was extended, market confidence in a genuine easing of the conflict remains insufficient. The lack of substantial progress in negotiations has led investors to widely expect the situation to be protracted, thus continuing to provide risk premium support for oil prices.

Meanwhile, tensions surrounding the Strait of Hormuz have further escalated. As one of the world's most critical energy transport routes, handling 20% of global crude oil shipments, any disruption to its passage would directly impact the stability of the global supply chain. Current shipping activities are significantly restricted, with multiple merchant ships being intercepted or facing security threats, further exacerbating market concerns about supply disruptions.

From a daily chart perspective, crude oil prices have broken through the upper edge of the previous trading range, shifting the overall structure to a bullish bias, but upward momentum is beginning to weaken. Currently, prices face significant resistance in the $95-$96 area; a successful break above this level could lead to a test of the $100 mark. On the other hand, the $90-$92 range forms a key support zone; a break below this level could trigger a deeper correction. Momentum indicators suggest that bulls still dominate, but the market has entered a consolidation phase at higher levels.

In the short term (1H), crude oil is trending upwards with alternating primary and secondary price movements. The moving average system is in a bullish alignment, indicating a short-term upward trend. The MACD indicator is above the zero line, suggesting bullish momentum is dominant. Given this alternating pattern, crude oil is expected to maintain a generally upward trend throughout the day. Today's crude oil trading recommendation: Buy at 90.40, stop loss at 87.60, target 94.50.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.