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Barchart
Barchart
Rich Asplund

Crude Oil Prices Surge as Global Supplies Continue to Tighten

Oil United States Donald Trump Russia Iran Strait of Hormuz OPEC IEA

June WTI crude oil (CLM26) today is up +3.55 (+3.51%), and June RBOB gasoline (RBM26) is up +0.0801 (+2.22%).  Crude oil and gasoline prices are moving sharply higher today as US-Iran war negotiations are at an impasse, keeping the Strait of Hormuz closed and tightening global oil supplies.  

Crude prices continue to climb after the US 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.  

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