April WTI crude oil (CLJ26) today is up +1.26 (+1.31%), and April RBOB gasoline (RBJ26) is up +0.0862 (+2.76%). Crude oil and gasoline prices are sharply higher today as the Iran war drags on, with the Strait of Hormuz closed and Iran continuing attacks on the energy infrastructure of its Middle Eastern neighbors.
Gains in crude oil prices accelerated today on concerns that the war in Iran will escalate further after Axios reported that the US is considering plans to take over Iran’s Kharg Island, Iran’s key oil-export site, to put pressure on Iran to reopen the Strait of Hormuz. The Wall Street Journal also reported today that the Pentagon is deploying three warships and thousands of Marines to the Middle East.
