April WTI crude oil (CLJ26) on Friday closed up +2.98 (+3.11%), and April RBOB gasoline (RBJ26) closed up +0.0768 (+2.59%). Energy prices settled sharply higher on Friday amid news headlines that whipsawed prices. Crude prices recovered from early losses and rallied sharply on Friday after the Wall Street Journal reported that the US is moving a Marine expeditionary unit to the Middle East as Iran steps up attacks on the Strait of Hormuz. US officials said Iran has begun laying mines in the Strait of Hormuz, an effort that could further complicate US efforts to restart shipping in the waterway.
Crude prices moved lower briefly on Friday after the US Treasury granted a month-long waiver to import Russian oil loaded before Thursday, covering Russian crude oil and fuel on about 30 tankers carrying at least 19 million barrels. Crude prices were also pressured by a report that said France and Italy had entered talks with Iran to negotiate a deal guaranteeing the safe passage of their ships through the Strait of Hormuz. Friday's rally in the dollar index ($DXY) to a 3.5-month high was also bearish for crude prices.
