Oil Bulls Take Control as Iran Deal Collapses and Hormuz Stays Restricted

Source Summary

October WTI crude oil futures rose $4.82 or 5.91% for the week to $86.31 late Thursday. The rally was driven by the failure of an expected Iran agreement and continued below-normal operations at the Strait of Hormuz. The ceasefire has ended with no scheduled talks, and Washington and Tehran are moving farther apart.