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Barchart
Rich Asplund

Crude Oil Prices Surge as Closure of Hormuz Threatens Supply Shortages

Oil EIA United States OPEC Russia Strait of Hormuz Ukraine IEA Iran

June WTI crude oil (CLM26) on Wednesday closed up +3.29 (+3.67%), and June RBOB gasoline (RBM26) closed up +0.1201 (+3.84%).  Crude oil and gasoline prices rallied sharply on Wednesday, with gasoline posting a 3-week high.   Energy prices surged on Wednesday as the cancellation of peace talks between the US and Iran keeps the Strait of Hormuz closed and disrupts global oil supplies.  Wednesday’s weekly EIA report was mixed for crude oil and products.

Gains in crude oil accelerated on Wednesday amid concerns about an escalation of the US-Iran war after Iran seized two ships in the Strait of Hormuz for “endangering maritime security,” and the UK Navy said Islamic Revolutionary Guard Corps gunboats fired upon two other cargo ships.

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