Both Iran and the U.S. stick to their own positions, pulling back and forth repeatedly, and seeking to extend the time needed to reach an agreement by adding revisions and expanding the protocol content. The shipping navigation cycle through the Strait of Hormuz has been stretched, which indirectly supports the existence of an agreement under a memorandum of understanding. In the morning, crude oil opened higher and rose strongly, with a short-term bias to the upside. Crude oil will eventually pull back, but as the Strait of Hormuz has not yet reopened for navigation, it is expected that an agreement will be reached gradually amid the continued back-and-forth. Therefore, crude oil prices will keep swinging between upside and downside before falling again. Of course, the medium-term decline in crude oil is limited: after unwinding the earlier geopolitical risk premium, prices will return to a relationship driven by fundamental tight supply and demand. For intraday trading, focus on the pressure zone for gold caused by support around 88.