Crude Jumps as Ceasefire With Iran Continues to Unravel

December crude oil futures rallied $2.34 to settle at 80.83 as the ceasefire with Iran kept coming apart. Hostilities restarted in Lebanon over the weekend while Iran continued striking tankers moving through the Strait of Hormuz. The White House responded aggressively, threatening to strike Oman and floating the idea of the strait becoming US territory. Ukraine added to the geopolitical heat with one of its largest drone strikes yet deep inside Russia. Futures kept climbing after settlement, hitting a new high near 81.27, and this morning another tanker was struck exiting the strait while the White House said it's "not interested" in cutting a deal with Iran. Risk remains firmly skewed to the upside.A sunset over a fuel tanker by Sebastian via Pixabay