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Barchart
Barchart
Rich Asplund

Crude Oil Prices Surge on Concern Over Prolonged Closure of Hormuz

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

June WTI crude oil (CLM26) on Tuesday closed up +4.11 (+4.19%), and June RBOB gasoline (RBM26) closed up +0.0979 (+2.72%).  Crude oil and gasoline prices settled sharply higher for a second day on Tuesday after President Trump cast doubt over the ceasefire with Iran, which could lead to the escalation of hostilities that keep the Strait of Hormuz closed.

Crude prices raced to their highs Tuesday afternoon when President Trump said, "Iran will make a deal or be decimated."  Crude prices continue to climb after President Trump 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."

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