On Thursday (March 12th) in early Asian trading, US crude oil traded around $92 per barrel. US crude oil rose over 4% on Wednesday, despite countries releasing oil reserves. Iran's warning to prepare for oil prices of $200 added uncertainty.

Market surveys show that the Strait of Hormuz has recently seen multiple attacks on ships. Three oil tankers were attacked by projectiles during their voyages, bringing the total number of ships attacked since the conflict began to at least 14. The Strait of Hormuz handles approximately 20% of global seaborne crude oil transport and is a crucial passage for major Middle Eastern oil-producing countries to export crude oil into the international market. Once the security of transportation in this region is affected, the market often quickly incorporates supply risk premiums, driving significant short-term price fluctuations.

From a daily chart perspective, US crude oil prices have recently returned to an upward channel. After breaking through the key psychological level of $90, the bullish momentum in the market has clearly strengthened. The main resistance level is currently around $95. If geopolitical risks continue to escalate, oil prices may further test the $98 to $100 range. Key support levels are around $88 and $85, where significant trading activity has previously occurred. A pullback to these areas could attract some buying.

Crude oil is currently consolidating at low levels in the short term (1H), with bullish momentum showing signs of improvement. The moving average system is gradually diverging upwards, indicating a short-term upward trend. From a technical perspective, 76.80 is the head of a potential head and shoulders bottom pattern, which has not yet been broken, awaiting confirmation of the pattern. It is expected that crude oil will likely see a rebound today. Today's strategy: Buy at 88.00, stop loss at 76.80, target 100.00.

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.