WTI Crude Oil futures fell over 3% as escalation fears faded.

Bob Iaccino discusses the massive 8% intraday swing in July WTI Crude Oil futures. Prices initially gapped higher, touching 93.64, before reversing sharply following reports that the administration canceled planned strikes on Iran. This sudden de-escalation prompted the market to quickly reprice geopolitical risk, pulling focus away from Kharg Island and the Strait of Hormuz. Additionally, the latest EIA weekly report revealed a tightening in domestic supply. U.S. crude oil inventories drew by 7.2 million barrels, while refinery utilization ran at a robust 95.3% capacity, processing 17 million barrels per day as crude imports fell.