November WTI crude oil (CLX26) closed up +3.21 (+3.64%) on Thursday, and November RBOB gasoline (RBX26) closed up +0.818 (+2.53%).
Crude oil and gasoline prices settled sharply higher on Thursday on signs of possible escalation of the US-Iran conflict. Surging freight costs to ship crude oil out of the Middle East to a record high are also underpinning crude prices. In addition, crude oil has support as US crude producers shut in more than 1.28 million bpd of crude output, or 63% of Gulf output, in response to Hurricane Isaias forming in the US Gulf.