Iran Tensions Send WTI Crude Surging Above $105

June WTI crude oil futures surged this week, with the contract trading at $105. 88 Thursday night, up $11. 48 or 12. 16%. The weekly high is $110. 93, while the low is $94. 59.

With Friday still ahead, the market has not closed the week yet, but the move has already been one of the strongest rallies in months. The buying was not random. Traders reacted to a series of major events between April 26 and April 30 that all pointed toward tighter supply.