Crude oil's decline reflects a pattern researchers Daniel Kahneman and Amos Tversky called base-rate neglect: investors treating each Hormuz de-escalation as a first-time event rather than checking how often earlier ones actually held. Twelve of the past twenty-two trading sessions moved two percent or more, a frequency that fits headline-driven repricing better than a genuine change in physical oil supply. A similar rally-and-reversal already played out in late June, when WTI touched $70.34 on the same kind of optimism before climbing back to $87.01 by July 23.
This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.
Related charts
WTI crude has risen 24 per cent over three weeks as the Hormuz conflict widened, while the VIX volatility index gained only about 11 per…
Oil Has Risen 24 Per Cent in Three Weeks and the Fear Gauge Barely Moved
September 15, 2026
View chart & download
Crude oil fell sharply in early August as reports of a preliminary Iran-Oman agreement on Strait of Hormuz shipping circulated, then…
WTI Swung More Than 10% in a Week on Headlines the Availability Heuristic Explains
August 7, 2026
View chart & download
Iran rejected Oman's proposal for joint oversight of the Strait of Hormuz on July 29, leaving the dispute unresolved even as vessel traffic…
Oil Fell 9.5% This Week. Gold Rose Through $4,100. Same Headline Did Both.
July 31, 2026
View chart & download
WTI crude has climbed 2.1% to $83.48 as the conflict's confirmed U.S.
Oil Spiked Past $85 as the War's U.S. Death Toll Hit 17. It Gave Back Most of the Move by Noon.
July 20, 2026
View chart & download
WTI crude has climbed to $74.40, up 11.1% since June 24, as the U.S.
The Strikes on Iran Got Bigger Overnight. The Market's Reaction Got Smaller.
July 9, 2026
View chart & download
Gold fell to $4,454.53, down 5.3% from its August 24 high, after a hawkish Jackson Hole speech from Fed Chair Kevin Warsh unwound three weeks of gains built on debt-debasement flows.
Gold's Quiet Climb to a 15-Week High Hid the Risk That Just Came Back
August 31, 2026
View chart & download