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Rich Asplund

Crude Oil Prices Surge on Possible Escalation of US-Iran War

Oil United States crude oil Iran the Strait of Hormuz IEA OPEC Saudi Arabia Drone EIA

November WTI crude oil (CLX26) closed up +2.45 (+2.71%) on Thursday, and November RBOB gasoline (RBX26) closed up +0.1421 (+4.36%).

Crude oil and gasoline prices settled sharply higher on Thursday as talks between the US and Iran to end the war remain deadlocked, keeping the Strait of Hormuz from fully reopening and tightening global oil supplies.

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