WTI crude oil futures have reversed higher today on reports of Iranian ballistic missile launches.
Iran said it was moving to a pre-emptive doctrine and now we’re seeing increasing signs of it as they struggle to disrupt shipping in the Strait of Hormuz.
On Aug 26, WTI was as low as $79 but now it’s back over $90.
In other war news, some of the weight on oil earlier was on a report that Kushner and Witkoff will visit Moscow and Kyiv this weekend in a renewed push for peace negotiations. They have visited Russia multiple times but it would be their first visit to Kyiv since the start of Russia’s 2022 invasion.
Ukrainian Foreign Minister Andrii Sybiha also told reporters on Thursday that he saw a “new dynamic” coming in peace efforts
This article was written by Adam Button at investinglive.com.