Oil Bulls Take Control as Iran Deal Collapses and Hormuz Stays Restricted
AI Summary
WTI crude oil futures rose significantly due to the collapse of an Iran deal and ongoing restrictions in the Strait of Hormuz. Tensions between Washington and Tehran have increased, preventing any ceasefire or negotiations.
October WTI crude oil futures are trading at $86.31 late Thursday, up $4.82 or 5.91% for the week. The contract opened at $81.62, traded as low as $80.80, and reached $87.69. Friday’s session is still ahead, so the weekly result is not final. The market has already made its decision about the week. WTI rallied because the agreement traders were waiting for never appeared. The Strait of Hormuz is still operating far below normal. The ceasefire is finished. No talks are scheduled. Washington and Tehran are moving farther apart, not closer together.…