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Barchart
Barchart
Rich Asplund

Crude Oil Prices Gain as Strait of Hormuz Remains Closed

Oil United States Russia OPEC Strait of Hormuz Iran IEA Ukraine

July WTI crude oil (CLN26) on Friday closed up +0.25 (+0.26%), and July RBOB gasoline (RBN26) closed up +0.0756 (+2.31%). Crude oil rebounded from a 1-week low on Friday and settled higher as a US-Iran peace deal remains elusive, keeping the Strait of Hormuz closed and disrupting global oil supplies.

Crude prices whipsawed lower briefly on Friday following a Reuters report that said Qatar has sent a negotiating team to Tehran in coordination with the US to help secure a deal to end the war. Also, Secretary of State Rubio today noted “slight progress” in the negotiations for a peace deal. However, disagreements remain for a peace deal after Reuters on Thursday reported that Iran’s Supreme Leader said enriched uranium must stay in Iran, as sending the material abroad would leave the country more vulnerable to future attacks by the US and Israel.

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