August WTI crude oil (CLQ26) on Tuesday closed up +1.20 (+1.54%), and August RBOB gasoline (RBQ26) closed up +0.0610 (+1.93%).
Crude oil and gasoline prices added to Monday’s gains on Tuesday, with crude posting a 1-month high and gasoline posting a 1.5-month high. Crude prices are climbing as the truce between the US and Iran collapsed and new attacks on shipping in the Strait of Hormuz are reducing traffic through the waterway and curbing global oil supplies. Crude prices fell from their highs after President Trump said he is replacing his 20% Hormuz cargo fee plan with trade deals.