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Barchart
Rich Asplund

Crude Prices Strengthen as Global Oil Supplies Tighten with Strait of Hormuz Closed

Oil Strait of Hormuz OPEC Donald Trump United States Russia Iran Ukraine IEA

June WTI crude oil (CLM26) today is up +3.13 (+3.25%), and June RBOB gasoline (RBM26) is up +0.0241 (+0.72%).  Crude oil and gasoline prices are sharply higher for a second day 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 rallied today after the New York Times reported that President Trump is not satisfied with Iran's latest proposal to reopen the Strait of Hormuz and end the war, which includes postponing nuclear negotiations.  Mr. Trump has said any deal must include agreements to curb Iran's nuclear activities.

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