Crude Oil Fluctuates on Conflicting US-Iran Nuclear Deal Signals

West Texas Intermediate crude gapped lower at the open but recovered to trade near the $71 level. Brent crude also rallied after an initial dip. Chris, a senior analyst at FXEmpire, said the $70 level remains key support for WTI, with the 200-day moving average near $79 acting as resistance. For Brent, he pointed to $85 as a "fulcrum" level and $75 as structural support.

Crude has been driven almost entirely by geopolitical headlines rather than supply-demand fundamentals, Chris said. Until a clear resolution emerges, the market is likely to remain volatile and reactive to statements from both sides.