On Wednesday (January 14th) during the Asian session, US crude oil traded around $60.87 per barrel. Oil prices surged over 2% on Tuesday, with geopolitical tensions being the primary driver. Market concerns that Iranian oil supplies could be severely disrupted by the country's ongoing large-scale anti-government demonstrations and potential hardline measures from the US outweighed the potential for increased supply from Venezuela.

US President Trump's statements exacerbated market tensions. He threatened to impose a 25% tariff on any country trading with Iran, publicly expressed solidarity with Iranian protesters, and canceled a scheduled meeting with Iranian officials. Analysts pointed out that if Iranian oil were completely excluded from the market, global daily supply would decrease by approximately 3.3 million barrels. The turmoil in Iran has already injected a geopolitical risk premium of about $3 to 4 per barrel into oil prices. Furthermore, multiple uncertainties surrounding Venezuela and the Russia-Ukraine war, among others, provided support for oil prices.

From a daily chart perspective, US crude oil prices have recently experienced a significant rebound, with prices consistently rising above the 5-day and 10-day moving averages. The short-term moving averages are showing an upward divergence, indicating that bullish momentum remains dominant. Currently, oil prices have returned above the $60 mark, which is also the upper edge of the previous consolidation range.

The short-term (1-hour) trend for crude oil continues its upward climb, breaking through the $60 level. The moving average system is in a bullish alignment, and the short-term objective trend remains upward. The MACD indicator is running at a high level above the zero line, showing good bullish performance. With both subjective and objective trends trending upward, the probability of continued upward movement in crude oil is high. Today: Buy at $60.30, stop loss at $59.50, target $61.50.

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.