April WTI crude oil (CLJ26) today is up +4.88 (+6.54%), and April RBOB gasoline (RBJ26) is up +0.1222 (+4.86%).
Crude oil and gasoline prices are soaring today, with crude posting a 13.5-month nearest-futures high and gasoline posting a 1.75-year high. Crude prices continued to climb as the war in the Middle East entered its sixth day with no sign of resolution. The Strait of Hormuz remains closed, halting most energy shipments from the Persian Gulf. Also, China today told its largest refiner to suspend exports of diesel and gasoline due to the escalating conflict in the Persian Gulf, which will tighten global fuel supplies and push fuel prices even higher.
