Oil Market Reverses Losses as U.S. Adds Iran Sanctions

The video discusses the decline in oil prices despite US sanctions on Iranian crude exports. It highlights the role of market psychology over fundamentals and technicals, explaining how traders' expectations and the lack of new buyers have influenced market trends. The discussion also covers the current fair value of WTI crude and the impact of sanction waivers on market dynamics.

What factors contributed to the decline of oil prices over the past month?

How did the US sanctions on Iranian crude exports impact the oil market according to Scott Shellady?

What challenges do traders face when trying to exit their positions in a declining market?

What role does market psychology play in the trading of crude oil?

What is the significance of the $10 spread with Brent crude mentioned in the discussion?