Crude Oil Brent May '26 (CBK26)
Crude Oil Brent Futures Market News and Commentary
June WTI crude oil (CLM26) today is up +2.55 (+2.84%), and June RBOB gasoline (RBM26) is up +0.0882 (+2.82%). Crude oil and gasoline prices are sharply higher today, with gasoline posting a 2-week high. Energy prices are rallying today as the cancellation of peace talks between the US and Iran keeps the Strait of Hormuz closed and disrupts global oil supplies. Today’s weekly EIA report was mixed for crude oil and products.
Gains in crude oil accelerated today amid concerns about an escalation of the US-Iran war after Iran seized two ships today in the Strait of Hormuz for “endangering maritime security,” and the UK Navy said Islamic Revolutionary Guard Corps gunboats fired upon two other cargo ships.
Persian Gulf oil producers have been forced to cut production by roughly 6% due to the closure of the Strait of Hormuz as local storage facilities reach capacity. Last Monday, the US began a blockade of all vessels passing through the Strait of Hormuz that call at Irani... Read more
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June WTI crude oil (CLM26 ) today is up +2.55 (+2.84%), and June RBOB gasoline (RBM26 ) is up +0.0882 (+2.82%). Crude oil and gasoline prices are sharply...
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