The WSJ is reporting:
- Iran’s negotiating position remains largely unchanged, with mediators and U.S. officials saying there has been little progress toward a breakthrough deal.
- Trump said he halted planned U.S. strikes on Tuesday due to what he described as positive developments in negotiations.
- Iran continues demanding:
- An end to hostilities
- Financial relief and reparations
- Oversight role in the Strait of Hormuz
- While resisting U.S. demands to shut down or suspend its nuclear program
- The U.S. and Israel were preparing additional strikes, with some regional sources warning attacks could still happen as early as next week.
- Trump suggested more military action remains possible, saying the U.S. may need to give Iran “another big hit.”
- More than 20,000 targets have reportedly been struck in Iran, but Tehran has not changed its negotiating stance.
- Vice President JD Vance said Iran appears interested in a deal, but cautioned there is no certainty until an agreement is signed.
- Iran has retaliated by disrupting Strait of Hormuz traffic and launching thousands of drones and missiles at Gulf states.
- A drone strike hit a generator at the UAE’s Barakah nuclear facility, though no radiation leak occurred.
- The UAE said the drones originated from Iraq and reported intercepting six additional drones in the last 48 hours.
- The conflict continues to pose major risks to global energy markets, regional security, and oil supply flows through the Strait of Hormuz.
Meanwhile, the WSJ is also reporting that the U.S. seized the Iran-linked oil tanker Skywave in the Indian Ocean after the vessel had been sanctioned in March for transporting Iranian crude. Officials said the tanker likely loaded more than one million barrels of oil earlier this year. The move comes as tensions with Iran remain elevated, with President Trump warning that additional military strikes against Tehran remain possible
We are “on” again for war hostilities. Buckle up.
Crude oil is trading at $104.39 after extending to a new session high of $104.71. The high price from Monday’s trade reached $105.21, and a trend line connecting the recent highs now comes in near $105.26, making that area a key upside target for buyers.
Technically, the bullish bias remains intact as the price continues to trade comfortably above the rising 100-hour moving average at $101.58. On Monday, sellers initially pushed prices lower, but the decline stalled near the 200-hour moving average, where buyers stepped in to defend support. Later in the session, after crude oil broke back above the 100-hour moving average, a corrective pullback found willing buyers against that same MA level before the market resumed its move higher into today’s trade.
Those technical reactions to both the 200-hour MA support and the 100-hour MA breakout level helped reinforce the bullish momentum and kept buyers firmly in short-term control (see green and blue lines on the chart below).
