According to FRED data, the CBOE Crude Oil ETF Volatility Index has surged above 120, the highest level since the 2020 negative oil price crisis, driven by Middle East conflict and supply risks around the Strait of Hormuz, with oil prices briefly rising above $100. https://t.co/a19xYBgPea ...

Core Viewpoint - Oil prices have increased for a second consecutive day, driven by sanctions-related supply risks, optimism regarding a U.S.-China trade deal, and reports of the U.S. seeking oil for its strategic reserves [1] Group 1: Oil Prices - Oil prices are experiencing upward momentum due to various factors including sanctions-related supply risks [1] - The anticipation of a potential trade deal between the U.S. and China is contributing to the positive sentiment in the oil market [1] - The U.S. is actively seeking oil for delivery to its strategic reserves, which is further supporting the rise in oil prices [1]

Core Viewpoint - Oil prices remained stable as traders assessed the effects of ongoing geopolitical tensions in the Middle East and Russia, alongside concerns regarding trade tariffs that may negatively impact fuel demand [1] Group 1 - Ongoing geopolitical tensions in the Middle East and Russia are influencing oil market dynamics [1] - Concerns over trade tariffs persist, potentially dampening fuel demand [1]