June WTI crude oil (CLM26) on Friday closed up +4.25 (+4.20%), and June RBOB gasoline (RBM26) closed up +0.0962 (+2.67%). Crude oil and gasoline prices rallied sharply on Friday, with crude posting a 1.5-week high. Crude prices are surging as the lack of negotiations to end the US-Iran war keeps the Strait of Hormuz closed and tightens 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.
