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Barchart
Rich Asplund

Crude Prices Surge With No End in Sight to US-Iran War

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

June WTI crude oil (CLM26) on Wednesday closed up +6.95 (+6.95%), and June RBOB gasoline (RBM26) closed up +0.1650 (+4.81%).  Crude oil and gasoline prices extended this week's sharp rally on Wednesday, with crude oil posting a 3-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 and after President Trump rejected the most recent peace proposal from Iran.

Crude prices soared on Wednesday 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.  

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