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Rich Asplund

Uncertainty Over Reopening of Strait of Hormuz Lifts Crude Prices

Oil Iran United States OPEC Ukraine Oman Strait of Hormuz Vortexa

September WTI crude oil (CLU26) closed up +0.89 (+1.15%) on Friday, and September RBOB gasoline (RBU26) closed up +0.0468 (+1.59%).

Crude oil and gasoline prices settled higher on Friday, supported by a decline in the dollar ($DXY) to a 7-week low. Also, uncertainty regarding a proposed plan by Iran and Oman to reopen the Strait of Hormuz is boosting crude prices.

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