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Barchart
Rich Asplund

Crude Oil Prices Drop on Increased Traffic Through Strait of Hormuz

Oil United States Iran OPEC Kpler Russia Strait of Hormuz Ukraine Vortexa

September WTI crude oil (CLU26) closed down -0.87 (-1.03%) on Thursday, and September RBOB gasoline (RBU26) closed down -0.0945 (-2.93%).

Crude oil and gasoline prices gave up an overnight advance and settled lower on Thursday in hopes of a diplomatic solution to the US-Iran war. Crude prices also fell on signs of increased oil tanker traffic through the Strait of Hormuz. Crude prices initially moved higher on Thursday after the dollar index ($DXY) dropped to a 6-week low. Ongoing hostilities in the Middle East are also underpinning crude prices.

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