Crude Oil rediscovers its war premium as the Versailles patch peels off
The post Crude Oil rediscovers its war premium as the Versailles patch peels off appeared on BitcoinEthereumNews.com. West Texas Intermediate (WTI) Crude Oil trades near $74.50 on Wednesday, up more than 3.5% and extending a rebound that began at the $68.00 floor in early July. The catalyst is depressingly familiar: The US has begun another series of strikes on Iranian military targets in and around the Strait of Hormuz, and President Trump now describes the Versailles agreement as over while allowing talks to limp on. Energy traders spent three weeks selling the peace; they are spending Wednesday buying the war back. The recursion trade returns Tehran hit three tankers transiting the strait between Monday and Tuesday; Washington revoked the sanctions waiver behind legal Iranian Oil exports and answered through US Central Command (CENTCOM) with strikes on more than 80 targets, from air defences and coastal radar to anti-ship missile batteries and over 60 Revolutionary Guard small boats