Volatility Spikes as Iran Diplomacy Collides With Hormuz Fears

July WTI crude oil delivered a volatile week as traders aggressively repriced geopolitical risk and then rapidly removed part of that premium on hopes of a diplomatic breakthrough between the United States and Iran. Through Thursday, May 21, July WTI posted a high of $105. 21, a low of $95.

76, and settled at $97. 77, up $3. 39, or 3. 35%, for the week. The price action told a much bigger story than the weekly gain itself.