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Rich Asplund

Crude Prices Jump as US-Iran Peace Talks Elusive

Oil United States Iran EIA Saudi Arabia IEA OPEC Red Sea Strait of Hormuz Vortexa

November WTI crude oil (CLX26) is up +2.18 (+2.41%) today, and November RBOB gasoline (RBX26) is up +0.0607 (+1.88%).

Crude oil and gasoline prices are sharply higher today, with gasoline posting a 4-month high. Crude prices erased overnight losses and moved sharply higher as the end to US-Iran hostilities remains elusive, impeding crude flows through the Strait of Hormuz. Today’s weekly EIA inventory report was bearish for crude but bullish for gasoline as crude supplies unexpectedly rose, while gasoline stockpiles unexpectedly declined. Gains in crude are limited after the dollar index ($DXY) rallied to a 1.75-month high.

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One subscription that gives you access to news from hundreds of sites

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