WTI Whipsaws as Hormuz Hopes Collide With Diesel Crunch

November WTI crude oil futures spent the week trading a possible reopening of the Strait of Hormuz against the risk that shipping conditions have not normalized. The contract fell to $88. 67 Tuesday after reports that Iran could reopen the Strait within seven days, then recovered to $96.

78 Thursday as the diplomatic story ran into the same problem it had all week: no agreement, no normal tanker traffic, and no proof the physical market is back to normal. At 22:00 GMT Thursday, November, WTI crude oil futures were trading at $94. 76, down $0.