May WTI crude oil (CLK26) today is up +10.20 (+10.19%), and May RBOB gasoline (RBK26) is up +0.1174 (+3.80%). Crude oil and gasoline prices are sharply higher today, with crude posting a 3.5-week high. Crude prices are rallying 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 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 today 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.
