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Barchart
Barchart
Rich Asplund

Crude Prices Higher as Iran Continues to Disrupt Vessel Traffic in Strait of Hormuz

Oil Iran Strait United States Strait of Hormuz Donald Trump OPEC Abu Dhabi EIA IEA

September WTI crude oil (CLU26) on Friday closed up +1.15 (+1.42%), and September RBOB gasoline (RBU26) closed up +0.0561 (+1.79%).

Crude oil saw support Friday after reports that Iran on Thursday night attacked two Abu Dhabi oil vessels transiting the Strait of Hormuz. Those attacks suggested that Iran intends to continue threatening vessel traffic in the Strait of Hormuz to impose long-term control over the Strait, gaining a strong geopolitical lever and possibly collecting lucrative tolls down the road.

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