April WTI crude oil (CLJ26) on Thursday closed down -0.18 (-0.19%), and April RBOB gasoline (RBJ26) closed up +0.0286 (+0.92%). Crude oil and gasoline prices fell back from early highs on Thursday and settled mixed, with gasoline climbing to a 3.5-year high. Escalation of the Iran war is underpinning energy prices as Iran escalates attacks on oil infrastructure in the Middle East. Crude prices raced to their highs on Thursday before turning lower after US Energy Secretary Chris Wright said that the US will not implement a crude export ban.
Crude oil gave up its advance and turned lower Thursday afternoon when US Treasury Secretary Bessent said the US will continue to take steps to add supplies to oil markets, including the possible removal of sanctions on Iranian crude already in transit or a new unilateral release of emergency crude reserves.
