Crude Oil Brent Jan '29 (CBF29)
Crude Oil Brent Futures Market News and Commentary
August WTI crude oil (CLQ26) today is down -0.24 (-0.30%), and August RBOB gasoline (RBQ26) is down -0.0088 (-0.27%).
Crude oil and gasoline prices are slightly lower today, weighed down by a stronger dollar. Crude prices are supported by heightened US-Iran tensions, which have reduced crude oil flows through the Middle East, tightening global oil supplies.
Crude prices have support after the US launched fresh airstrikes on Iran today and struck a sanctioned Iranian oil tanker in the Persian Gulf. Iran responded by firing upon American bases in Kuwait and Jordan, with the Jordanian government saying it intercepted eight missiles. President Trump pledged to intensify the bombardment until Iran stops attacking ships in the Strait of Hormuz and agrees to open the waterway. The Wall Street Journal reported today that President Trump is leaning toward expanding military operations and discussed the seizure of Kharg Island, Iran’s main oil export terminal.
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