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Barchart
Rich Asplund

Strait of Hormuz Closure Limits Energy Supplies and Supports Crude Oil Prices

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

June WTI crude oil (CLM26) on Monday closed up +1.97 (+2.09%), and June RBOB gasoline (RBM26) closed up +0.0372 (+1.12%).  Crude oil and gasoline prices settled sharply higher on Monday, with 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 price jumped on Monday after President Trump on Saturday canceled planned negotiations with Iran in Pakistan, saying Iran "offered a lot, but not enough" to continue negotiations.  Iranian President Pezeshkian said Iran won't enter "imposed negotiations under threats or blockade."  Secretary of State Rubio said Iran still wants to retain control of the Strait of Hormuz, and that was "unacceptable" to the US.

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