May WTI crude oil (CLK26) on Thursday closed up +3.46 (+3.66%), and May RBOB gasoline (RBK26) closed down -0.0052 (-0.17%). Crude oil and gasoline prices settled mixed on Thursday. Crude prices rallied sharply but fell from their best level on Thursday, and gasoline slid into negative territory on hopes of de-escalation of hostilities in the Middle East when Israel agreed to direct talks with Lebanon. Crude prices initially rallied sharply on Thursday amid doubts about the sustainability of the US-Iran ceasefire. The Strait of Hormuz remains blocked, curtailing crude oil flows from the Gulf and curbing global oil supplies.
Crude prices also garnered support on Thursday after Saudi Arabia's press agency said Iranian drone and missile attacks on Saudi energy infrastructure have taken more than 600,000 bpd of Saudi crude production capacity offline.
