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Rich Asplund

Crude Oil Prices Soar as Strait of Hormuz Closed to Tanker Traffic

Oil United States OPEC Russia Ukraine EIA Iran Vortexa

April WTI crude oil (CLJ26) today is up +5.66 (+7.95%), and April RBOB gasoline (RBJ26) is up +0.1189 (+5.02%).

Crude oil and gasoline prices are sharply higher today for a second day, with crude posting an 8.5-month high and gasoline posting a 19-month high. The main bullish factor for crude prices is the war in Iran as the US and Israel continue to launch joint attacks on the country. Crude prices fell from their best levels today after the dollar index ($DXY) surged to a 3.25-month high and after stocks plunged, which undercuts confidence in the economic outlook and energy demand.

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