Crude oil futures settle at $84.50

Oil prices are closing sharply higher, with WTI accelerating to the upside in the final hours of trading. The price settled at $84.50, up $2.10 or 2.55% on the day. The Strait of Hormuz remains the key fundamental driver, as sharply reduced shipping traffic continues to fuel concerns about potential Middle East supply disruptions. At the same time, U.S.-Iran negotiations remain stalled, helping to…