Is the Storm Over?
After sharp volatility early in the week, U.S. crude has been trading sideways. It’s been an action-packed week. Crude soared 12.8% on Monday, the largest one-day gain of the year. Crude hit a high of $63.37, its highest level since mid-April. However, WTI/USD coughed up 5.0% of these gains on Tuesday and then settled down. Although the volatility has resided, tensions have increased between the U.S. and Iran, with threats of further hostility weighing on risk sentiment.