Trump withdraws the strait toll proposal; traders cut the premium overnight, but that $77.84 trend line held. Now $79.18 is the new support—bulls and bears are waiting for the next catalyst.

Crypto news flash: Oil prices closed at $79.34 during the North American trading session, up $1.20 on the day. After-hours trading was near $79.68. The price saw significant intraday volatility that day, with a high of $81.27 and a low of $77.84, showing volatility influenced by the U.S. policy regarding the Strait of Hormuz. President Trump dropped the proposal to impose a 20% fee on exports through the Strait of Hormuz, and the market viewed the policy as unlikely to be feasible, leading traders to unwind some geopolitical risk premiums. Although the price fell to $77.84 at one point, supported by the prior broken trend line, buyers quickly stepped in, pushing the price higher and back above the June 17 high of $79.18, which has now turned into a support level. As long as the price stays above the $79.18 breakout level, buyers will still hold a technical advantage in the short term.