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Rich Asplund

Crude Oil Prices Slump on Limited Escalation of US-Iran Conflict

Oil United States Iran OPEC Vortexa

August WTI crude oil (CLQ26) on Thursday closed down -1.44 (-1.96%), and August RBOB gasoline (RBQ26) closed down -0.0647 (-2.00%).

Crude oil and gasoline prices gave up an early advance on Thursday and fell sharply on speculation the escalation of hostilities between the US and Iran will be limited. Crude prices initially moved higher on Thursday after the US attacked Iranian targets for a second day in response to Iranian attacks on shipping in the Strait of Hormuz.

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