Crude Oil Prices Surge as US Reinstates Blockade of Iran

WTI crude for August (CLQ26) rose +$3.46 (+4.87%) and August RBOB gasoline (RBQ26) was up +$0.1036 (+3.47%) as US-Iran hostilities escalated over control of the Strait of Hormuz. The crude rally accelerated during the session, signaling heightened risk premia for energy supplies.

Analysis

WTI crude for August (CLQ26) rose +$3.46 (+4.87%) and August RBOB gasoline (RBQ26) was up +$0.1036 (+3.47%) as US-Iran hostilities escalated over control of the Strait of Hormuz. The crude rally accelerated during the session, signaling heightened risk premia for energy supplies.