August WTI crude oil (CLQ26) on Wednesday closed up +3.08 (+4.37%), and August RBOB gasoline (RBQ26) closed up +0.1495 (+5.06%).
Crude oil and gasoline prices settled sharply higher on Wednesday, 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. Wednesday’s weekly EIA report was mixed for crude oil and products.