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Barchart
Barchart
Rich Asplund

Crude Prices Climb on Hormuz Attacks and Hurricane Isaias

November WTI crude oil (CLX26) is up +0.36 (+0.39%) today, and November RBOB gasoline (RBX26) is down -0.257 (-0.78%).

Crude oil and gasoline prices are mixed. Crude prices shook off early losses and moved higher on concerns about disruption to Middle East energy supplies after Iran said it targeted a tanker attempting to move through the Strait of Hormuz. Crude prices are also supported today as a hurricane in the US Gulf has curbed some US crude production and could also reduce refining capacity. Dollar strength is limiting crude gains today. Also, an easing of Middle East tensions is weighing on crude oil after President Trump said the US would not attack Iran ahead of next month’s midterm elections, citing “productive discussions” with Iran.

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