Crude futures rallied nearly 3% as the near-collapse of the US-Iran ceasefire compounded a historic physical deficit defined by a one-billion-barrel supply loss and two-decade lows in OPEC production.
Crude futures recorded a 6% weekly decline as a $7 billion CFTC investigation into irregular paper-market shorts overshadowed renewed US-Iranian air strikes and impending summer gasoline shortages.
Crude futures settled lower as Saudi-backed US naval escorts prepared to resume, though post-settlement kinetic explosions and a 400,000-barrel-per-day Iranian upstream shut-in capped significant paper losses.