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Rich Asplund

Crude Prices Settle Higher as Middle East Supplies Tighten

Oil Iran Strait of Hormuz United States Donald Trump OPEC EIA Ukraine Vortexa

September WTI crude oil (CLU26) closed up +1.07 (+1.30%) on Tuesday, and September RBOB gasoline (RBU26) closed up +0.0012 (+0.04%).

Crude oil and gasoline prices settled higher on Tuesday, with crude oil climbing to a 1-week high and gasoline posting a 1.5-week high. Crude prices were volatile on Tuesday, whipsawing lower and higher on news headlines. The lack of an agreement between Iran and Oman to reopen the Strait of Hormuz is limiting crude supplies from the Middle East and is underpinning oil prices. Crude prices regained upward momentum Tuesday afternoon when Iran's state-owned Islamic Republic of Iran Broadcasting (IRIB) said the Strait of Hormuz would remain shut until all of its conditions are met.

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