Get all your news in one place.
100's of premium titles.
One app.
Start reading
Barchart
Barchart
Rich Asplund

Crude Prices Soar as Iran War Keeps Strait of Hormuz Closed

Oil Iran Donald Trump Hormuz United States Strait of Hormuz Russia EIA International Energy Agency OPEC

May WTI crude oil (CLK26) on Thursday closed up +11.42 (+11.41%), and May RBOB gasoline (RBK26) closed up +0.1966 (+6.36%).  Crude oil and gasoline prices rallied sharply on Thursday, with crude posting a 3.5-week high.  Crude prices are soaring after President Trump pledged more aggressive action against Iran over the next two to three weeks and offered no concrete plans to reopen the Strait of Hormuz.  Crude prices briefly fell from their best levels after a report said Iran is drafting a protocol with Oman to monitor traffic through the Strait of Hormuz.

Crude price surged on Thursday after President Trump on Wednesday evening vowed to escalate the war in Iran over the coming weeks and offered no plan to reopen the Strait of Hormuz.  Without a resumption of flows through Hormuz, there's little sign that the pressure on oil markets will abate.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Kick Ban After Dog Video: Lavlune faces backlash over pet clip; platform stays silent on reason
Lavlune, also known as FoidElf, was banned from Kick after a video involving her dog drew widespread criticism. MoistCr1TiKaL criticized her actions, while Lavlune denied his description of the incident. Reddit users shared mixed reactions to the ban, with some supporting the decision and others questioning whether it would be…
The Times of India
The Times of India
Why Does Your Skin Look Flawless in One Light but Dull in Another?
From bathroom mirrors and dressing rooms to selfies and makeup counters, lighting can dramatically influence how your complexion appears. The reason lies in how different light sources interact with your skin, colour perception and the shadows created by your facial features. So, why does your skin look different under yellow…
MyLifeXP
MyLifeXP
Canada woman buys Snickers and Twix for Halloween. Then she holds a bar up to her hand and notices the size: ‘This is a package of air’
Another case of shrinkflation
We Got This Covered
We Got This Covered
17% of Young Adults Have Gone Into Debt to Date — How Much Is Romance Costing Now?
Finding love has never been free, but dating costs are becoming a serious financial concern for younger Americans. A September 2026 survey found that 17% of Gen Z and millennials have taken on debt to maintain a lifestyle with someone they were dating. Between restaurant bills, transportation, entertainment, and appearance-related…
Budget and the Bees
Budget and the Bees
California cement worker turned discarded bottles into 200 desert art trees along Route 66
California cement worker Elmer Long transformed discarded glass bottles and scrap metal into an unusual art forest along Route 66. His two-acre Bottle Tree Ranch, featuring around 200 trees and over 1,000 bottles, became a popular tourist attraction. As Route 66 celebrates its 100th anniversary in 2026, Long's family continues…
The Times of India
The Times of India
Apollo 16 Astronaut Says UFOs Are Literally Demons and Claims God Proved It Over a Morning Breakfast
Apollo 16 astronaut Charlie Duke says a breakfast conversation confirmed his belief that UFOs are demonic, while NASA evidence does not support either extraterrestrial or supernatural explanations.
International Business Times UK
International Business Times UK
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play