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Barchart
Barchart
Rich Asplund

Crude Oil Prices Climb as Global Oil Supplies Disrupted

Oil United States EIA OPEC Russia Strait of Hormuz Ukraine IEA

June WTI crude oil (CLM26) today is up +2.55 (+2.84%), and June RBOB gasoline (RBM26) is up +0.0882 (+2.82%).  Crude oil and gasoline prices are sharply higher today, with gasoline posting a 2-week high.   Energy prices are rallying today as the cancellation of peace talks between the US and Iran keeps the Strait of Hormuz closed and disrupts global oil supplies.  Today’s weekly EIA report was mixed for crude oil and products.

Gains in crude oil accelerated today amid concerns about an escalation of the US-Iran war after Iran seized two ships today in the Strait of Hormuz for “endangering maritime security,” and the UK Navy said Islamic Revolutionary Guard Corps gunboats fired upon two other cargo ships.

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