As fundamentals change, new trading opportunities are gradually emerging. With the new shipping routes and rules in the Strait of Hormuz about to be officially implemented, the risk premium brought about by the previous expectation of channel blockade is gradually fading. The upward space of crude oil previously stimulated by news has also been largely given back, and the market trading logic is returning from geopolitics to supply and demand fundamentals. From a fundamental perspective, although we are still in the traditional peak season for summer demand, there has been no significant imbalance in global crude oil supply and demand. There is no persistent supply gap in the market. The current relatively tight supply issues are more concentrated in Europe, which are essentially due to geopolitical factors rather than a fundamental change in the global supply and demand structure. As new rules are gradually established, Iran's sovereignty claims are somewhat guaranteed. The market will now focus on the progress of negotiations between the US and Iran. If the negotiations proceed smoothly, the geopolitical risk premium is expected to continue to decline, and there is still room for crude oil prices to fall further. From a technical perspective, USOIL is still in a weak trend after a rebound correction. The short-term trading strategy is still to sell on rallies. The key resistance level to watch is 77-79. If the rebound is met with resistance, continue to look for opportunities to sell at higher levels. On the downside, pay close attention to the 70 level. If it breaks down effectively, further downside potential cannot be ruled out.