On Wednesday (July 29) during Asian trading hours, US crude oil prices ended a three-day losing streak, rebounding from a two-week low reached in the previous session. Prices rose nearly 4% at one point, returning to around $83. Market sentiment turned cautious, primarily due to renewed signs of tension in the Middle East. Investors re-priced in geopolitical risk premiums, driving a rapid return of buying interest in crude oil.

The Iranian Islamic Revolutionary Guard Corps recently launched multiple ballistic missiles at US military targets in the Middle East, raising market concerns that the previously eased regional situation could deteriorate again. Meanwhile, US President Trump stated that the US might resume military action if negotiations with Iran fail to make progress, and warned of possible action against key Iranian infrastructure. The market believes that these statements increased the risk of supply disruptions, providing renewed support for crude oil prices.

From a daily chart perspective, WTI crude oil prices found support near a two-week low after a previous decline and have now rebounded to the $83 area, forming a short-term technical correction pattern. In terms of trend structure, oil prices are still trading within the previous consolidation range. The current rebound is mainly driven by geopolitical risks, and further fundamental support is needed for sustained gains.

The short-term (1-hour) chart for WTI crude oil shows a strong rebound after a decline to around $77, breaking through the most recent significant high of the previous downtrend. This signals a temporary end to the downtrend that began at the start of the week. The objective trend is entering a transition period. In the Asian morning session, crude oil prices are trending upwards, and a rebound is expected today, with attention focused on the resistance level of $84.50. Today's strategy: Buy at $80.10, stop loss at $78.00, target $84.00.

Disclaimer: The article is contributed by the market analyst from Binkex 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.