Crude Oil Prices Rebound on Reports of a Ship Hit off the Omani Coast

August WTI crude rose $1.24 (+1.76%) and August RBOB gasoline gained $0.0754 (+2.70%) after both markets reversed early losses. Prices firmed on short covering tied to a report that an unknown projectile off the coast of Oman hit a vessel, raising geopolitical risk premium in energy markets.

Analysis

August WTI crude rose $1.24 (+1.76%) and August RBOB gasoline gained $0.0754 (+2.70%) after both markets reversed early losses. Prices firmed on short covering tied to a report that an unknown projectile off the coast of Oman hit a vessel, raising geopolitical risk premium in energy markets.