Oil at $105, Gold Off Its Highs: A Gulf Risk Premium That's Finally Behaving Logically

WTI crude settled at $105.42 a barrel on Friday, up $3.36 or 3.29% on the session. That single number tells you most of what you need to know about how this week ended.

A Gulf premium is back in the oil price, and the market has decided it is real enough to pay for.

The catalyst is not subtle. Iranian leadership has been broadcasting readiness for war and economic confrontation as talks with Washington falter, and the wire traffic out of the region has been relentless — reports of a Saudi-floa…