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Barchart
Barchart
Rich Asplund

Threats to Global Crude Supplies Push Prices Higher

Oil United States Iran Donald Trump OPEC EIA International Energy Agency Red Sea Russia Strait of Hormuz

August WTI crude oil (CLQ26) on Tuesday closed up +1.68 (+2.02%), and August RBOB gasoline (RBQ26) closed up +0.0169 (+0.50%).

Crude oil and gasoline prices settled higher on Tuesday, with crude climbing to a 5-week high. Threats to global oil supplies are boosting crude oil prices as the US-Iran war has curbed oil tanker traffic through the Strait of Hormuz and threats by Houthi militants to blockade Saudi Arabia have reduced oil tanker traffic through the Red Sea.

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