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Oil prices remain stuck in a consolidation phase despite recent US-Iran ceasefire announcements, as traders grapple with geopolitical uncertainty. The fragile truce has failed to spark a clear directional move in WTI crude oil, with technical indicators showing mixed signals. Market participants are closely watching whether the ceasefire will hold or if renewed tensions could reignite volatility. For traders, the lack of a decisive price breakout means increased caution is warranted, particularly around key support/resistance levels. The situation highlights how geopolitical risks can override technical analysis in commodity markets, creating a challenging environment for both short-term and long-term positioning. Investors should monitor upcoming news on regional security developments and technical levels like $75.50 (support) and $78.50 (resistance) for potential trading opportunities.
