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Rich Asplund

Crude Oil Prices Sharply Higher on Escalation of US-Iran Hostilities

Oil United States Iran Donald Trump OPEC Drone Missile International Energy Agency Russia Strait of Hormuz

August WTI crude oil (CLQ26) on Monday closed up +6.73 (+9.42%), and August RBOB gasoline (RBQ26) closed up +0.1817 (+6.09%).

Crude oil and gasoline prices surged on Monday, with crude posting a 3.5-week high and gasoline posting a 5-week high. Crude prices soared amid an escalation of US-Iran hostilities over control of the Strait of Hormuz. Gains in crude oil accelerated on Monday after President Trump said the US was reimposing a blockade on Iranian ships transiting the Strait of Hormuz.

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