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Rich Asplund

Fears of an Extended US-Iran Conflict Boost Crude Oil Prices

Oil United States Iran EIA OPEC Strait of Hormuz IEA Ukraine

October WTI crude oil (CLV26) is up +0.43 (+0.48%) today, and October RBOB gasoline (RBV26) is up +0.0126 (+0.40%).

Crude oil and gasoline prices are moving higher today, with crude oil posting a fresh 6-week high. Crude has support as hostilities escalated between the US and Iran, raising concerns about prolonged disruptions to energy flows through the Strait of Hormuz. Crude prices also gained after weekly EIA inventories unexpectedly declined. However, crude gains are limited amid signs of larger crude supplies leaving the Strait of Hormuz, easing supply concerns.

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One subscription that gives you access to news from hundreds of sites

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