WTI crude oil is 62-cents higher to $82.81 today which is some impressive resilience given the rout in equities.
I tend to think the US uses Iran sanctions to balance the market. For most of this year, they turned a blind eye to Iran oil shipments. That may have also been a concession to get a nuclear deal.
Now that a deal appears to have fallen apart and the price of oil could hurt production, they're tightening up again.
The next event in the oil market is the October 5 OPEC+ meeting.
