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Rich Asplund

Crude Prices Pressured by Growing Optimism the Strait of Hormuz to Soon Reopen

Oil EIA Strait of Hormuz United States OPEC Ukraine Vortexa

September WTI crude oil (CLU26) is down -0.61 (-0.81%) today, and September RBOB gasoline (RBU26) is up +0.0130 (+0.46%).

Crude oil and gasoline prices added to this week's sharp losses today, with crude falling to a 3-week low and gasoline dropping to a 4.75-month nearest-futures low. Growing optimism that the US and Iran are nearing a deal to reopen the Strait of Hormuz is pushing crude oil prices lower today. Crude prices remained lower after today's weekly EIA crude inventories unexpectedly increased. However, gasoline recovered its losses and moved higher after weekly EIA gasoline inventories fell more than expected to an 8.5-month low.

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

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