April WTI crude oil (CLJ26) on Monday closed down -5.21 (-5.28%), and April RBOB gasoline (RBJ26) closed down -0.0411 (-1.35%). Crude oil prices sold off sharply on Monday in hopes that oil tankers may soon be able to move through the Strait of Hormuz. Several oil tankers safely navigated the Strait of Hormuz over the weekend, raising hopes that the waterway could reopen soon. India is attempting to get six other vessels through the strait, while a number of other countries are trying back channels to Iran to ensure safe passage for their ships.
The war with Iran is in its seventeenth day with no end in sight. The US hit military sites over the weekend on Kharg Island, from which Iran exports almost all of its oil. Meanwhile, Iran launched fresh attacks across the Persian Gulf, disrupting shipments at a key United Arab Emirates oil hub and halting flights at Dubai’s airport.
