The price of WTI crude oil futures is settling at $96.35, up $1.91 or 1.94% on the day. We got a rally in the morning on reports that Iran's Supreme Leader forbid uranium removal as traders expected the US-Iran stalemate to persist. We then got an Iranian official denying these reports which sent oil prices slightly lower as earlier positions got unwound.
Finally, we got a significant selloff following claims on Al-Arabiya TV that US and Iran have reached a draft agreement which included the reopening of the Strait of Hormuz and that the deal would have been announced in the following few hours.
