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Barchart
Rich Asplund

Crude Oil Prices Rise as Middle East Hostilities Persist

Oil Donald Trump United States Iran Strait of Hormuz Chris Wright Masoud Pezeshkian OPEC Energy Vortexa

October WTI crude oil (CLV26) closed up +0.23 (+0.26%) on Friday, and October RBOB gasoline (RBV26) closed up +0.0377 (+1.25%).

Crude oil and gasoline prices settled higher on Friday, with gasoline posting a 3.5-week high. Crude prices were supported on Friday by threats from President Trump to crush Iran’s economy, dampening any hopes of a resolution to the US-Iran war and the reopening of the Strait of Hormuz. However, gains were limited on Friday due to comments from Iranian President Masoud Pezeshkian, who called for an end to the US-Iran war.

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