September WTI crude jumped over 11% this week, reversing recent losses as tensions between the U.S. and Iran reignited supply concerns.
September WTI crude oil climbed more than 11% this week, marking its strongest weekly gain in months. Prices rebounded from near $72.50 to briefly exceed $80 before settling slightly lower on Thursday.
The rally reversed a two-week decline driven by optimism over improved oil flows through the Strait of Hormuz. However, renewed military actions between the U.S. and Iran shifted market focus back to supply risks, fueling the sharp rebound.
Traders rapidly rebuilt a geopolitical risk premium into crude prices, erasing earlier losses tied to easing Middle East tensions.