May WTI crude oil (CLK26) today is up +0.91 (+0.88%), and May RBOB gasoline (RBK26) is up +0.0178 (+0.56%). Crude oil and gasoline prices are moving higher today, with crude oil posting a 3-week high after President Trump said he is willing to end the US military campaign against Iran even if the Strait of Hormuz remains closed. Also, the action by Iran today to strike a fully laden Kuwaiti oil tanker off Dubai with a drone is supporting oil prices.
Crude prices rose today after President Trump said he is thinking of ending the war in Iran even if the Strait of Hormuz remains closed. Mr. Trump believes the US should achieve its main goals of hobbling Iran's navy and its missile stocks and wind down hostilities while pressuring Iran diplomatically to reopen the Strait. If that fails, the US would press allies in Europe and the Gulf to take the lead on reopening the waterway.
