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Rich Asplund

Crude Oil Prices Climb as Tanker Traffic Slows Through Strait of Hormuz

Oil United States Iran OPEC Strait of Hormuz

August WTI crude oil (CLQ26) today is up +1.23 (+1.78%), and August RBOB gasoline (RBQ26) is up +0.0732 (+2.59%).

Crude oil and gasoline prices are moving sharply higher today amid escalating tensions in the Strait of Hormuz, which have slowed the flow of oil tankers through the strait. Crude prices also found support today from a weaker dollar and strength in equity markets. Crude prices fell back from their best level after the US and Iran backed away from a fresh escalation of hostilities and agreed to stop attacking each other.

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