Commodities
WTI Oil Prices Plummet After US Suspends Strikes Against Iran
Crude oil prices plummeted by over 7% on July 27 after the US suspended strikes against Iran, sparking hopes for a diplomatic solution and reopening of shipping through the Strait of Hormuz.
Bloomberg reported that Yemen's Houthi movement claimed attacks on Saudi Aramco facilities in Jizan and Yanbu, indicating the conflict remains unresolved.
WTI crude oil had been developing a short-term uptrend since July 2, with prices rebounding from $68 to peak near $94.2 before breaking this trendline due to a sharp gap lower on July 27.
The price has since struggled to move through key levels within the market profile: the POC at $84.7 and the lower profile boundary at $82.7, which may fail to hold if the decline continues.