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Barchart
Barchart
Rich Asplund

Crude Oil Prices Jump on Doubts the Strait of Hormuz Will Reopen

Oil Strait of Hormuz United States Russia Iran OPEC IEA

July WTI crude oil (CLN26) today is up +3.14 (+3.20%), and July RBOB gasoline (RBN26) is up +0.0321 (+0.95%). Crude oil and gasoline prices are moving sharply higher today as the standoff between the US and Iran is fueling concerns that a prolonged closure of the Strait of Hormuz could worsen energy disruptions.

Crude prices jumped today after Reuters 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. The report tempers optimism that the US and Iran were moving closer to a deal to end the war.

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