May WTI crude oil (CLK26) today is up +5.91 (+6.12%), and May RBOB gasoline (RBK26) is up +0.1254 (+4.13%). Crude oil and gasoline prices are sharply higher today after peace talks between the US and Iran broke down over the weekend and President Trump imposed a blockade in the Strait of Hormuz.
Crude prices surged today when President Trump said the US will begin a full naval blockade of the Strait of Hormuz and threatened to attack any Iranian vessels that approach US ships in the strait. The blockade could exacerbate global oil and fuel shortages. Iran said it would target all ports in the Persian Gulf if its own shipping hubs were threatened.
