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Barchart
Barchart
Rich Asplund

Crude Oil Prices Rally on Global Supply Risks

Oil United States OPEC Iran Donald Trump International Energy Agency Red Sea Russia Strait of Hormuz Ukraine

August WTI crude oil (CLQ26) today is up +1.75 (+2.10%), and August RBOB gasoline (RBQ26) is up +0.0017 (+0.05%).

Crude oil and gasoline prices are pushing higher today, with crude climbing to a 5-week high. The threat to global oil supplies is boosting crude oil prices today as the US-Iran war has curbed oil tanker traffic through the Strait of Hormuz and threats by Houthi militants to blockade Saudi Arabia have reduced oil tanker traffic through the Red Sea.

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