July WTI crude oil (CLN26) on Thursday closed up +0.22 (+0.25%), and July RBOB gasoline (RBN26) closed up +0.0339 (+1.11%). Crude oil and gasoline prices recovered from early losses on Thursday and settled higher after US forces struck Iranian military targets for the second time this week and Kuwait said it responded to Iranian missile and drone threats. Prices gave back most of their gains after Axios reported that the US and Iran reached a deal to extend the ceasefire for sixty days. However, crude prices turned higher again on a bullish EIA inventory report.
Crude prices moved higher on Thursday after the US struck Iranian military targets for the second time this week and Kuwait said it responded to Iranian missile and drone threats. Also, the US Treasury added Iran's Persian Gulf Strait Authority to its Iran-related sanctions list to prevent Iran from profiting from vessels transiting the Strait of Hormuz by charging tolls. In addition, Israel stepped up attacks on Lebanon and said its ground forces would move further into the country, potentially complicating US-Iran talks on an interim peace deal.
