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Barchart
Rich Asplund

Crude Prices Surge as Iran War Halts Middle East Crude Shipments

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

April WTI crude oil (CLJ26) on Friday closed up by +9.89 (+12.21%), and April RBOB gasoline (RBJ26) closed up +0.0757 (+2.83%).

Crude oil and gasoline prices extended this week’s sharp rally on Friday, with crude soaring to a 2.5-year nearest-futures high and gasoline posting a 1.75-year high.  The ongoing war in the Middle East entered its seventh day on Friday with no sign of resolution.  The Strait of Hormuz remains closed, halting most energy shipments from the Persian Gulf.

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