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Barchart
Barchart
Rich Asplund

Crude Oil Rallies as US Blockade of Strait of Hormuz Begins

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

May WTI crude oil (CLK26) on Monday closed up +2.51 (+2.60%), and May RBOB gasoline (RBK26) closed up +0.0787 (+2.59%).  Crude oil and gasoline prices settled sharply higher on Monday after peace talks between the US and Iran broke down over the weekend and President Trump imposed a blockade in the Strait of Hormuz.

Crude prices rallied on Monday when President Trump said the US began a full naval blockade of the Strait of Hormuz and threatened to attack any Iranian vessels that approach US ships in the strait.  The blockade could exacerbate global oil and fuel shortages.  Iran said it would target all ports in the Persian Gulf if its own shipping hubs were threatened.

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