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Barchart
Rich Asplund

Strait of Hormuz Closure Pushes Crude Prices Higher

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

June WTI crude oil (CLM26) on Monday closed up +2.65 (+2.78%), and June RBOB gasoline (RBM26) closed up +0.0731 (+2.07%).  Crude oil and gasoline prices settled sharply higher on Monday after President Trump rejected Iran's response to his latest peace proposal, which prolongs the closure of the Strait of Hormuz and curbs global oil supplies.

Crude prices jumped on Monday after President Trump and Iran rejected each other's latest peace proposals to end the 10-week conflict.  Iran offered to transfer some of its stockpile of highly enriched uranium to a third country, but rejected the idea of dismantling its nuclear facilities.  Iran also demanded a lifting of the US naval blockade and sanctions relief, while maintaining a degree of control over traffic through the Strait of Hormuz.  President Trump said Iran's latest peace proposals are "totally unacceptable."

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