The US-Iran conflict pause has led to a -7% drop in WTI crude oil prices.
Traders are cautious, viewing near-term dips as buying opportunities unless a durable peace deal is reached in the Middle East.
WTI is currently probing the 38.2% Fibonacci retracement of the July rally at $83.25, with a potential deeper retracement toward $80.00 or $77.00 if this level gives way.
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