WTI Crude Oil futures rallied 5% to close at $89.

WTI Crude Oil futures experienced a volatile start to the week, rallying 5% to briefly trade north of the 90 mark before closing at 89 dollars a barrel. This upward movement reversed Friday's 10% decline, driven by a shift from optimism to renewed geopolitical uncertainty in the Middle East over the weekend. The change in sentiment also impacted implied volatility, with the CVOL index showing a modest uptick across most asset classes, breaking a two to three-week trend of declining volatility in the oil market. Despite the modest price declines leading into this week, positioning data indicated that speculators continued adding to their net long positions.