June WTI crude oil (CLM26) today is up +5.18 (+5.18%), and June RBOB gasoline (RBM26) is up +0.1502 (+4.38%). Crude oil and gasoline prices extended this week's sharp rally today, with crude oil posting a 2-week high and gasoline posting a 3.75-year high. Crude prices continue to climb as stalled peace talks between the US and Iran are keeping the Strait of Hormuz closed, tightening global oil supplies. Crude prices added to their gains today on a bullish weekly EIA inventory report.
Crude prices are soaring today after the US signaled it will maintain its naval blockade of Iran for the foreseeable future. The Wall Street Journal reported that President Trump told his aides to prepare for an extended blockade and that it carries less of a risk for the US than resuming hostilities or walking away from the conflict without securing a deal that curbs Iran's nuclear activities.
