July WTI crude oil (CLN26) on Wednesday closed up +1.83 (+2.07%), and July RBOB gasoline (RBN26) closed up +0.0888 (+2.94%).
Crude oil and gasoline prices settled sharply higher on Wednesday after the US and Iran exchanged strikes overnight, which could derail the peace process and keep the Strait of Hormuz closed. Also, President Trump said that Iran has taken too long to make a deal and that they will now have to “pay the price,” fueling concerns that the US may escalate military attacks on Iran. Crude prices maintained their gains on a bullish EIA inventory report.