WTI crude oil

Tensions still running high after Iran seized a UK oil tanker in response to what Iran says was an illegal seizure of their own ship. The UK has told ships to avoid the Strait of Hormuz and other tankers are taking that advice, raising insurance costs and threating to blow the top off oil prices.
Crude Oil is up about 1% this morning but trading off its overnight high of 57.04. Price action was suppressed through much of Friday until news broke that Iran seized a British tanker.
Crude Oil futures tacked on another 1% overnight as tensions surrounding Iran continue to rise.
Investors around the globe will closely monitor how the stock markets perform throughout trading today, following the rollercoaster ride that the financial markets experienced last week.
Investors experienced a renewed sense of confidence on Wednesday morning following Wall Street’s rebound overnight.
Crude oil prices initially fell then rallied to a new 2017 high on the back of the latest oil inventories report from the United States earlier.
Gold prices have breached the $1,210 resistance level and could be poised to edge higher this week if uncertainty intensifies ahead of Donald Trump’s inauguration on Friday.
West Texas Intermediate crude capped the longest rally in nine months as fewer Americans filed first-time claims for unemployment insurance payments last week and the market breached key technical resistance.
Saudi Arabia dropped the New York Mercantile Exchange’s WTI crude oil contract as a benchmark for its oil exports.