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Line chart showing WTI crude oil swinging repeatedly on Iran headlines from July 6 to August 4, 2026.

Crude oil has reversed sharply four separate times since July 8, each move triggered by a single headline about US-Iran negotiations rather than any change in physical oil supply. The latest swing followed President Trump's cancellation of a planned strike on Iran and talk of a Hormuz deal, which sent crude down sharply before Iran denied any talks were underway and Trump renewed his ultimatum within a day. Tuesday's rebound retraces only part of that drop.

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.

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