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Rich Asplund

Improved Crude Flows Through the Strait of Hormuz Sink Oil Prices

Oil Strait of Hormuz IEA OPEC Saudi Arabia United States Vortexa

October WTI crude oil (CLV26) closed down -4.52 (-4.51%) on Monday, and October RBOB gasoline (RBV26) closed down -0.0577 (-1.64%).

Crude oil and gasoline prices sold off sharply on Monday, with crude sinking to a 1.5-week low. Crude prices retreated as increased crude flows through the Strait of Hormuz have eased supply concerns. Also, hopes that diplomacy will end hostilities in the Middle East weighed on crude prices.

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