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Barchart
Rich Asplund

Crude Oil Prices Underpinned as Iran War Tightens Global Oil Supplies

Oil Iran United States Strait of Hormuz Russia IEA OPEC Ukraine

June WTI crude oil (CLM26) today is up +0.44 (+0.47%), and June RBOB gasoline (RBM26) is up +0.0093 (+0.29%).  Crude oil and gasoline prices are moving higher today, with gasoline climbing to a 3.75-year high.   Energy prices remain underpinned as the Strait of Hormuz remains essentially closed, threatening to deepen the global energy crisis.  Limiting gains in crude is today's rally in the dollar index, which is at a 1.5-week high.

US peace talks with Iran remain in limbo.  The US and Iran are locked in a battle for control of the Strait of Hormuz, with both sides blocking the waterway to gain leverage during an extended ceasefire.  The US said it was waiting for a response from Iran before peace talks could restart, and Iran said it will not resume negotiations while a US naval blockade on its ports is in place.  

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