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Barchart
Barchart
Rich Asplund

Crude Prices Climb on Fears of Escalation of Iran War

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

May WTI crude oil (CLK26) on Monday closed up +0.87 (+0.78%), and May RBOB gasoline (RBK26) closed up +0.0202 (+0.61%).  Crude oil and gasoline prices settled higher on Monday, with crude posting a 4-week high.   Crude prices rallied after President Trump signaled an escalation of the conflict in Iran by Tuesday if no deal is reached to reopen the Strait of Hormuz.

Crude prices jumped Monday afternoon when President Trump said the US has plans to decimate Iran by "12 o'clock" Tuesday night if there is no deal to reopen the Strait of Hormuz.  The Wall Street Journal reported the US military is making preparations for potential strikes on energy targets in Iran.

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