Brent crude futures rose 1.09% to $84.46 a barrel, while US West Texas Intermediate (WTI) crude advanced 0.84% to $78.84 per barrel. The gains came against a backdrop of competing diplomatic signals over the Strait of Hormuz. Traders have grown acutely sensitive to every shift in language from Tehran, Washington, and Muscat, moving on signals rather than settled facts.
The pattern didn't start this week. Brent had settled at $83.55 a barrel on the preceding Friday, with WTI ending at $78.18, before Monday's uptick. The week prior had seen crude prices fall approximately 7% as optimism over a potential agreement temporarily cooled. It shows just how thoroughly the diplomatic track has pushed aside supply-and-demand fundamentals as the main price driver for crude right now.
