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Rich Asplund

Crude Prices Jump as Hopes Fade for an Imminent End to US-Iran War

Oil Iran United States Donald Trump Saudi Arabia Strait of Hormuz IEA OPEC Drone Red Sea

November WTI crude oil (CLX26) is up +2.85 (+3.07%) today, and November RBOB gasoline (RBX26) is up +0.0256 (+0.80%).

Crude oil and gasoline prices are sharply higher today as hopes faded for an imminent breakthrough to end the war in Iran and reopen the Strait of Hormuz after President Trump rejected Iran’s latest proposals to end the war. Crude prices fell back from their best level on reports that the US and Iran would continue talks to reopen the Strait of Hormuz and after Saudi Arabia resumed crude exports from the East-West pipeline.

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