June WTI crude oil (CLM26) today is up +0.50 (+0.49%), and June RBOB gasoline (RBM26) is down -0.0340 (-0.92%). Crude oil and gasoline prices are mixed today, with crude posting a 1-week high. The ongoing closure of the Strait of Hormuz is tightening global oil supplies and supporting crude prices. Also, today’s weekly EIA report was bullish for crude and gasoline as weekly inventories fell more than expected. Today's stronger dollar is limiting the upside in crude oil prices.
Crude prices continue to climb after President Trump and Iran rejected each other’s latest peace proposals to end the 10-week conflict. President Trump called Iran’s response to his peace proposal a “piece of garbage” and said that the current ceasefire was on “life support.” Mr. Trump also said, “Iran will make a deal or be decimated.” President Trump said on Monday that the US may restart the operation as soon as this week to guide commercial ships through the Strait of Hormuz with naval and air support.
