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Oil Selloff Outruns Reality in Hormuz

WTI crude oil futures were trading at $83.51 late Thursday, down $3.13, or 3.61%, for the week. The market opened near the weekly high at $86.57, then broke to $79.62 as traders sold on reports that…

  • WTI futures fell 3.61% to $83.51 after potential Iran-Oman-US deal report
  • Iran fired on vessel, US rejected ceasefire agreement terms
  • Tanker traffic improved but still below 10-day average

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