Oil News: WTI and Brent Reclaim 50-Day Moving Averages as Iran Fighting Resumes
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Key Points:
- Iran rejected Oman’s Hormuz proposal and missile strikes ended the diplomatic trade, driving WTI and Brent sharply higher.
- API reported a 3.3 million-barrel crude draw, with Cushing lower, giving the Middle East oil rally domestic support.
- OPEC+ may halt output increases in October, leaving impaired shipping routes as oil’s immediate supply problem.
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The oil market spent two days selling diplomacy and woke up Wednesday to missiles, retaliatory strikes and the collapse of the only proposal that had a chance of reopening the Strait of Hormuz. Iran rejected Oman’s plan. The military exchange resumed. The pause that traders were selling into did not survive 48 hours, and the shorts who pressed crude lower on the Oman headlines had to cover everything they put on.