By Editorial Dept - May 22, 2026, 6:30 AM CDT
July WTI crude oil delivered a volatile week as traders aggressively repriced geopolitical risk and then rapidly removed part of that premium on hopes of a diplomatic breakthrough between the United States and Iran. Through Thursday, May 21, July WTI posted a high of $105.21, a low of $95.76, and settled at $97.77, up $3.39, or 3.35%, for the week.The price action told a much bigger story than the weekly gain itself. Crude spent the early part of the week climbing sharply as traders focused on supply disruptions tied to Iran and the continuing blockage of the Strait of Hormuz. By Thursday, however, the market abruptly reversed course as traders shifted attention toward possible progress in negotiations between Tehran and the Trump administration. The nearly $10 weekly range reflected a market trading headlines rather than routine supply-and-demand data.Iran Sends Prices HigherCrude initially surged because traders viewed developments surrounding Iran as potentially threatening global oil supplies. Earlier on Thursday, prices gained more than 3% after reports indicated Iran's Supreme Leader Ayatollah Mojtaba Khamenei had ordered enriched uranium to remain inside the country.Markets viewed the move as potentially complicating negotiations with the United States because President Donald Trump has repeatedly identified dismantling Iran's nuclear program as a primary objective. The possibility of stalled talks quickly raised fears that conflict risks…
