April WTI crude oil (CLJ26) on Thursday closed up +6.35 (+8.51%), and April RBOB gasoline (RBJ26) closed up +0.1560 (+6.20%).
Crude oil and gasoline prices soared on Thursday, with crude posting a 19.5-month nearest-futures high and gasoline posting a 1.75-year high. Crude prices continue to climb as the war in the Middle East entered its sixth day on Thursday with no sign of resolution. The Strait of Hormuz remains closed, halting most energy shipments from the Persian Gulf. Also, China on Thursday told its largest refiner to suspend exports of diesel and gasoline due to the escalating conflict in the Persian Gulf, which will tighten global fuel supplies and push fuel prices even higher.
