Oil Markets Can't Decide What They're Afraid Of And That's the Real Story

If you'd shown an energy trader in June the price chart for July, they'd have assumed something had gone badly wrong. Brent crude went from grinding toward $70 a barrel, its lowest level since before Iran and the US started trading strikes back in February, to jumping nearly 7% in a single session after Washington resumed bombing runs on Iranian targets just weeks after signing a memorandum of understanding meant to end exactly that conflict. Briefly, Brent topped $80. Then it drifted back down again.

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