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 Iran, Oman and the United States were moving toward a workable shipping arrangement through the Strait of Hormuz. Thursday changed the tone.