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Barchart
Barchart
Rich Asplund

Crude Oil Prices Surge as Middle East Tensions Flare Up

Oil United States Strait of Hormuz Middle East OPEC Donald Trump Iran Russia UAE Ukraine

June WTI crude oil (CLM26) today is up +3.18 (+3.12%), and June RBOB gasoline (RBM26) is up +0.1323 (+3.68%).  Crude oil and gasoline prices recovered from overnight losses and moved sharply higher on signs of heightened tensions in the Strait of Hormuz.  Crude prices spiked higher after Iran's FARS news agency claimed that two missiles had hit a US warship after it had ignored warnings.  However, oil prices fell from their highs after the US denied that any American ship had been hit.

Crude prices initially moved lower in overnight trading after President Trump said the US will begin guiding some neutral ships trapped in the Persian Gulf out through the Strait of Hormuz.  US Central Command said it would provide military support, including guided-missile destroyers, aircraft, and drones, to ships transiting the strait.  

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