Oil News: Crude Oil Futures Rebound as OPEC Drop and Iran Risks Fuel Bulls
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Key Points:
- WTI crude oil rebounds toward $100 as Iran tensions rebuild the war premium in futures markets.
- OPEC production fell 830,000 barrels per day, marking the sharpest output drop in over 20 years.
- Brent crude oil futures test key resistance as traders price in tighter global oil supplies.
June WTI Pushes Back Toward $100 as Netanyahu Says It Is Not Over
June WTI crude oil futures pushed to $100.37 Monday before pulling back and the message from that price test is clear. The war premium that analysts said was erased last week is not gone. It is sitting right there at $100 waiting to see which side blinks first. Netanyahu said the conflict is not over. Trump called Iran’s latest response totally unacceptable. OPEC production just posted its steepest drop in two decades. The war premium everyone said was gone is already coming back. Here is what is actually driving this market.