July WTI crude surged to $105.21 before retreating to $97.77 as geopolitical risks and diplomacy shifted market sentiment.
July WTI crude oil prices exhibited sharp volatility this week, driven by fluctuating geopolitical risks tied to Iran and diplomatic developments. The contract reached a high of $105.21 and a low of $95.76 before settling at $97.77, a weekly gain of $3.39 or 3.35%.
Traders initially priced in supply disruption fears related to Iran, pushing prices higher early in the week. However, optimism over potential diplomatic progress between the U.S. and Iran later trimmed some of those gains. The price action underscored heightened sensitivity to geopolitical events in the oil market.
The weekly close reflected a balance between lingering supply concerns and hopes for a resolution, leaving markets watchful for further developments.