WTI crude settled up $3.07 to $74.84 on worries about a closure of the Strait of Hormuz or attacks on Iran’s oil export facilities.
Trump wrote about unconditional surrender today, which is the kind of thing that would require a protracted military campaign.
Crude hasn’t climbed to the highs from Friday or early Monday but it could spike on signs of barrels truly being lost. Already there are reports of a slowdown in traffic in the Strait.
This article was written by Adam Button at www.forexlive.com.