August WTI crude oil (CLQ26) on Friday closed up +3.54 (+4.48%), and August RBOB gasoline (RBQ26) closed up +0.1080 (+3.29%).
Crude oil and gasoline prices rallied sharply on Friday, with crude posting a 5-week high and gasoline posting a 2-month high. Crude prices surged on Friday amid heightened concerns that the escalation of hostilities between the US and Iran could lead to a full-blown war that threatens crude supplies through the Strait of Hormuz. Crude prices raced to their highs Friday afternoon after Axios reported that the Trump administration notified Israel it is sending more refueling planes to the country, a possible sign that US military operations could expand in the coming days.
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