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Barchart
Barchart
Rich Asplund

Crude Oil Prices Fall as Oil Supplies Flow Through the Strait of Hormuz

Oil Strait of Hormuz United States OPEC Iran Goldman Sachs

August WTI crude oil (CLQ26) today is down -0.67 (-0.91%), and August RBOB gasoline (RBQ26) is down -0.0534 (-1.85%).

Crude oil and gasoline prices are under pressure today, with crude oil falling to a 3.5-month low. Today’s rally in the dollar index ($DXY) to a 13-month high is weighing on energy prices. Also, the resumption of crude supplies through the reopened Strait of Hormuz is easing global oil supply concerns and is weighing on crude prices. In addition, today’s sell-off in global equity markets is bearish for economic growth and prospects for energy demand.

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