WTI Tops $102 as Hormuz Remains Closed and Saudi Outages Worsen, Markets Rally on Israel-Lebanon Talk Optimism

The major averages spent most of the morning in modestly negative territory as the Strait of Hormuz remained largely closed and reports that Israel continued strikes against Hezbollah in Lebanon, prompting threats from Iran to abandon the fragile two-week ceasefire reached Tuesday night. WTI Crude picked up momentum this morning after the UAE Oil Chief…