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Barchart
Barchart
Rich Asplund

Crude Prices Climb as Global Oil Supplies Remain Disrupted

Oil United States OPEC Russia Ukraine IEA Strait of Hormuz

May WTI crude oil (CLK26) today is up +2.40 (+2.63%), and May RBOB gasoline (RBK26) is up +0.0655 (+2.13%).  Crude oil and gasoline prices settled mixed on Wednesday, with crude falling to a 3-week low.  

Crude oil and gasoline prices are moving higher today as the US naval blockade of the Strait of Hormuz enters its fourth day, curbing oil supplies from the Middle East.  Gains in crude oil accelerated today after Iran's Tasnim news agency said the US must drop "excessive demands" if a peace deal is going to be reached.  Also, today's rally in the S&P 500 to a new all-time high shows confidence in the economic outlook that is supportive for energy demand and crude prices.

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