On Tuesday (March 3rd) during the Asian session, US crude oil rose slightly, trading around $71.50. Although it failed to break yesterday's high, short-term bullish sentiment remains strong. Affected by the Israeli and US attacks on Iran and Tehran's retaliatory actions, many oil and gas facilities in the Middle East were forced to shut down, disrupting shipping through the crucial Strait of Hormuz. The Iranian Revolutionary Guard even threatened to burn any ships attempting to cross the Strait of Hormuz, exacerbating market concerns.

Saudi Arabia's largest domestic refinery shut down due to a drone attack, Qatar suspended liquefied natural gas production and prepared to declare force majeure on shipments, and the escalating conflict also resulted in 150 ships anchored and stranded near the Strait of Hormuz. This strait carries approximately one-fifth of the world's crude oil and 20% of its liquefied natural gas shipments. JPMorgan Chase warned that if shipping through the strait is disrupted for three to four weeks, it could force Gulf oil-producing countries to halt production and push Brent crude oil prices above $100 per barrel. From a daily chart perspective, crude oil prices have broken out of the previous consolidation range and are now firmly above $71. The moving average system has turned bullish, with the 5-day and 10-day moving averages diverging upwards, indicating a short-term trend reversal. The MACD indicator has formed a golden cross near the zero line, with the red bars gradually expanding, showing a significant improvement in momentum.

From a 4-hour chart perspective, crude oil prices have entered a high-level consolidation phase after a sharp rise. The Bollinger Bands are widening, with prices hovering around the upper band, indicating that short-term bullish momentum remains. If a pullback doesn't break below $70, it constitutes a strong consolidation structure; if it breaks below this level, it may fill the gap to around $68. In summary, today's trading strategy for crude oil is to primarily buy on dips, with selling on rallies as a secondary approach. The short-term resistance level to watch is $72.0-$73.0, and the short-term support level is $69.0-$68.0.

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.