Oil prices are experiencing a significant sell-off, with WTI crude falling below key technical support levels, including the 100-day moving average. This break suggests increased bearish momentum, further fueled by geopolitical developments. Iran's recent disclosure of deal terms with the US, demanding sanctions relief and lifting of naval blockades, introduces uncertainty into the market. Traders should watch the $80 per barrel support level closely, as failure to hold here could signal deeper declines. The critical factor remains whether Iran will ease its grip on the Strait of Hormuz, as any disruption there could rapidly shift market sentiment. For traders, this environment suggests heightened volatility and a cautious stance on oil-related assets, including CAD, which is closely tied to crude prices.