What a day for crude
Today's 14.5% gain was the fourth-largest on record for US oil. WTI rose $8.05 on the day to close at $62.90 in a monumental rally on the heels of the Saudi attack, along with the potential for retribution.
The gain today trails the 16.8% rally on January 15, 2009 amid the peak of the financial crisis. Other gains of this magnitude came in 1986, 1990 and 1998.
Another factor that will be one to watch in the coming days is the formation of a tropical storm in the mid-Atlantic. The NHC sees a 70% chance it forms in the next 48 hours and a 90% chance within the next 5 days.
