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Barchart
Rich Asplund

Crude Prices Soar as Iran War Disrupts Global Oil Supplies

Oil Iran United States OPEC Russia Ukraine EIA Strait of Hormuz Vortexa

April WTI crude oil (CLJ26) today is up +7.44 (+9.18%), and April RBOB gasoline (RBJ26) is up +0.0148 (+0.55%).

Crude oil and gasoline prices are extending this week’s sharp rally, with crude soaring to a 2.25-year nearest-futures high and gasoline posting a 1.75-year high.  The ongoing war in the Middle East entered its seventh day today with no sign of resolution.  The Strait of Hormuz remains closed, halting most energy shipments from the Persian Gulf.

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