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Rich Asplund

Crude Oil Prices Move Higher on the Prospects of Tighter Global Supplies

Oil United States EIA OPEC Iran Drone International Energy Agency Russia Strait of Hormuz Ukraine

August WTI crude oil (CLQ26) on Wednesday closed up +0.26 (+0.33%), and August RBOB gasoline (RBQ26) closed up +0.0736 (+2.28%).

Crude oil and gasoline prices settled higher on Wednesday, with gasoline up sharply at a 7-week high. Crude prices found support after the US launched airstrikes against Iran for a fifth day on Wednesday in response to Iranian attacks on shipping in the Strait of Hormuz, which threatens to curb flows through the waterway and reduce global oil supplies.

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One subscription that gives you access to news from hundreds of sites

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