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Line chart showing WTI crude oil rising 10.6 percent from July 7 to August 7, 2026, with a sharp mid-week reversal.

Crude oil fell sharply in early August as reports of a preliminary Iran-Oman agreement on Strait of Hormuz shipping circulated, then reversed just as fast after a reported tanker explosion and a Houthi attack claim drew far less attention than the deal headline before it. WTI has swung more than three percent in a single session on nine of the past 23 trading days, a case study in the availability heuristic: people judge probability by how easily an example comes to mind, not by its actual likelihood.

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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