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Barchart
Barchart
Rich Asplund

Crude Oil Rallies on Concerns US-Iran War to Persist

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

May WTI crude oil (CLK26) on Thursday closed up +3.40 (+3.72%), and May RBOB gasoline (RBK26) closed up +0.0945 (+3.08%).  

Crude oil and gasoline prices rallied sharply on Thursday as the US naval blockade of the Strait of Hormuz entered its fourth day, curbing oil supplies from the Middle East.  Gains in crude oil accelerated on Thursday after Bloomberg reported that some Gulf Arab and European leaders believe that a US-Iran peace deal will take about six months, dashing hopes of a speedy conclusion to the Iran conflict.  Also, Thursday's rally in the S&P 500 to a new all-time high shows confidence in the economic outlook, which is supportive of energy demand and crude prices.

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