August WTI crude oil (CLQ26) today closed up +5.23 (+7.41%), and August RBOB gasoline (RBQ26) is up +0.1956 (+6.62%).
Crude oil and gasoline prices are surging today, with crude rising to a 2-week high and gasoline climbing to a 1-month high. Crude prices are soaring amid escalation of hostilities between the US and Iran, which threatens to close shipping in the Strait of Hormuz and curb global oil supplies. Today’s weekly EIA report was mixed for crude oil and products.