April WTI crude oil (CLJ26) today is up +0.14 (+0.15%), and April RBOB gasoline (RBJ26) is up +0.0216 (+0.73%). Energy prices are moving higher today as news headlines whipsaw prices. Today's rally in the dollar index ($DXY) to a 3.5-month high is weighing on crude prices. Also, the US's action of issuing a temporary waiver for the purchase of Russian oil undercut prices. In addition, crude prices were pressured by a report that said France and Italy had entered talks with Iran to negotiate a deal guaranteeing the safe passage of their ships through the Strait of Hormuz.
However, crude prices recovered most of their losses and turned higher after the Wall Street Journal reported that the US is moving a Marine expeditionary unit to the Middle East as Iran steps up attacks on the Strait of Hormuz. US officials said Iran has begun laying mines in the Strait of Hormuz, an effort that could further complicate US efforts to restart shipping in the waterway.
