Oil Futures Extend Rally on Iran Tensions

Rising tensions in Iran and expectations of a U.S. response send crude futures to their highest close in three months."The geopolitical factor continues to provide a formidable offset against deterioration in the global oil balances," Ritterbusch and Associates says in a note. "Worst case scenario would be a U.S. attack that prompts Iran to shut down the Strait of Hormuz, but we continue to view this as a low probability occurrence."U.S. inventory data looked "bearish across the board," the firm adds, as cr ...