Crude Rallies as Drone Strike Hits Russian Refinery

Crude touched a high near $84.61 overnight after Pakistani officials signaled the US and Iran were close to a deal that would help reopen traffic through the strait. At the same time, a drone strike sparked a fire at Rosneft's Komsomolsk refinery, the latest hit in Ukraine's ongoing campaign against Russian oil infrastructure that the market still seems to be underpricing. Between the potential strait breakthrough and the steady drip of Russian refinery damage, this remains a market with plenty of reasons to stay elevated even as peace headlines circulate.Diplomatic relations between Ukraine and russia by Tunasalmon via Shutterstock