Oil News: Crude Oil Futures Surge as Trump Ends Iran Deal, Oil Outlook Turns Bullish
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Key Points:
- Trump declared the Iran deal over, sending crude oil futures sharply higher on renewed supply disruption fears.
- WTI and Brent rallied as traders abandoned bearish bets and rushed to cover record short crude oil positions.
- WTI and Brent broke above key moving averages, putting major resistance levels and $80 oil back in focus.
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The ceasefire is dead. President Trump declared before a NATO summit that the U.S. agreement with Iran is “over” and that he has no interest in engaging with Tehran. Tankers are turning around at the Strait of Hormuz, Iranian forces struck U.S. military positions in Bahrain and Kuwait, and the export license that kept Iranian crude on the global market has been revoked. The traders who spent the last month building short positions on the assumption that peace would flood the market with supply are now covering into a rally that has more room to run. What looked like a market preparing for oversupply seventy-two hours ago is now repricing for disruption.