US crude oil: Range-bound oscillation, buy on dips, sell on rallies

(1) Analysis: Negotiations between the United States and Iran still lack substantive breakthroughs. Supply risks in the Strait of Hormuz are supporting oil prices, with WTI rebounding near $93.60. However, increased exports from the Middle East and the restoration of alternative Saudi pipelines are limiting the upside, so short-term prices are expected to fluctuate at high levels. (2) Key focus: Geopolitical situation, inventory data, US Dollar Index. (3) Resistance: 94.00, 94.50, 95.00. (4) Support: 93.00, 92.00, 90.00.