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Barchart
Barchart
Rich Asplund

Crude Oil Prices Sharply Higher on Concerns of Reopening of Strait of Hormuz

Oil United States Hormuz OPEC

August WTI crude oil (CLQ26) on Thursday closed up +1.58 (+2.25%), and August RBOB gasoline (RBQ26) closed up +0.1109 (+3.97%).

Crude oil and gasoline prices erased early losses on Thursday and rallied sharply as short covering emerged on a report that an unknown projectile off the coast of Oman hit a cargo vessel. Crude prices initially fell to a 4-month low on Thursday as the resumption of crude supplies through the reopened Strait of Hormuz has eased global oil supply concerns.

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