Crude Breaks Support on a Report, Not a Deal
One report changed the trade Tuesday morning. An unnamed Iranian official told Kyodo News that Iran would reopen the Strait of Hormuz within seven days if the United States eases military pressure. The market did not wait for details or confirmation. Crude reversed early gains and broke through the first support level on both contracts. An hour earlier the bid was built on fresh sanctions against Iranian airlines starting Wednesday, and the diplomatic opening erased it before the European session was halfway done.