Supplying your fuel oil DEF

Oil is ending the week near $84 a barrel, up about 20% for the month of July. The market swung between optimism and fear almost every single day. A pause in U.S. strikes early in the week sent prices down sharply. Then the fighting came right back, the Houthi naval blockade of Saudi Arabia got more aggressive, and oil climbed back toward where it started. The pattern of this war keeps repeating itself. Here is what drove the market this week.

Oil briefly crossed $90 a barrel on Thursday for the first time since the spring and then pulled back to close the week near $89. WTI is up nearly 40% in July alone, and this was a week that showed exactly why prices are not coming back down anytime soon. Three major supply routes went under attack simultaneously.

Oil is ending the week around $85 a barrel, up more than 20% from where it started Monday.  This was one of the most alarming weeks of the entire Iran conflict. The brief peace deal that looked promising three weeks ago has completely unraveled.

This was a week that started with oil looking like it was finally settling down and ended with analysts questioning whether the Strait of Hormuz will ever be reliably open again. A lot happened this week!