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The conflict between the US and Iran is intensifying, extending the deadline and prolonging the blockade of the Strait of Hormuz. This means there is still plenty of room for oil prices to rise. Currently, spot crude oil is already at $140 per barrel. If the conflict continues through May and June, prices will gradually move higher.
I think it’s appropriate to start building positions in crude oil below $105, with a stop loss set around $98.5. If the negotiations are favorable or the conflict eases, consider exiting the position.
For long positions, when the price reaches $120-$130, decide whether to take profits based on the current environment, then consider reversing to short positions.