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Barchart
Barchart
Rich Asplund

Crude Oil Prices Slip on Hopes Strait of Hormuz to Reopen

Oil Iran United States EIA OPEC Strait of Hormuz IEA Ukraine

October WTI crude oil (CLV26) closed down -0.13 (-0.16%) on Wednesday, and October RBOB gasoline (RBV26) closed up +0.0309 (+1.05%).

Crude oil and gasoline prices settled mixed on Wednesday, with crude oil falling to a 1.5-week low. Crude prices fell slightly on Wednesday, adding to this week’s losses, as Iran and Oman discussed a potential deal to resume shipping through the Strait of Hormuz. Crude prices recovered from their worst level, and gasoline erased early losses and turned higher on a bullish EIA inventory report.

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