The most common and most likely answer to this crossword clue is the 5 plus 2 letter word HEIGH HO
I've seen this crossword clue in Financial Times
H
E
I
G
H
H
O
Buddy explains!
The straight part
We know that "Oh dear" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case oh dear = heigh ho.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does HEIGH HO mean?
HEIGH HO noun- Colaptes auratus, northern flicker.
- To chant "heigh-ho".
- Used as a cadence-count used for synchronized walking, marching, pulling, lifting, etc.
- Oh well; a usually light-hearted dismissal or acceptance of a troublesome situation