Crude Oil Reverses From Resistance as Geopolitical Risks Remain Elevated
Jul 20, 2026

CRUDE OIL

Oil jumped and gapped to its highest level in over a month as US-Iran tensions escalated, but today’s headlines suggest diplomacy is still ongoing while geopolitical risks remain elevated. Crude oil is now turning sharply lower after reaching June’s gap resistance, so we could see a slowdown in at least three waves, with a potential pullback toward the 78–76 area.

Crude Oil Reverses From Resistance as Geopolitical Risks Remain Elevated CRUDE OIL 1H Chart
CRUDE OIL 1H Chart

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