Oil Surges as US Abandons Diplomacy-First Approach on Iran

Crude is sharply higher this morning, up 3.13 (+3.75%), after the US struck Iranian launch sites over the weekend, a move that calls into question the diplomacy-first strategy the administration had been pushing for weeks. Markets are reading the shift back toward military action as reason to price in a higher risk premium. Dan's watching 88.07, the previous high from July 23rd, as key resistance for the front-month contract, with the intraday range set between 84.11 and 88.07. Longer-term fundamentals remain bullish.A sunset over a fuel tanker by Sebastian via Pixabay