Ceasefire Gave Oil a Reason to Sell Off. It Didn’t Last.
Oil posted its biggest one-day decline since 2020 on the ceasefire news and then gave most of it back before the session was over. The Strait of Hormuz is still not fully open, the agreement is already being questioned and supply is still constrained. What looks like a peace trade on the surface is anything but. Keep reading to find out why the selloff failed and what the charts are saying about where WTI goes from here.