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Rich Asplund

Crude Prices Supported as Strait of Hormuz Remains Closed

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

September WTI crude oil (CLU26) is up +0.19 (+0.23%) today, and September RBOB gasoline (RBU26) is down -0.0376 (-1.20%).

Crude oil and gasoline prices are mixed today, with crude oil climbing to a 1-week high. 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. However, crude fell from its high and gasoline turned negative after Pakistan signaled the US and Iran were close to an arrangement that could reopen the Strait of Hormuz.

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