Crude Oil Brent Jul '23 (CBN23)
Crude Oil Brent Futures Market News and Commentary
June WTI crude oil (CLM26) on Friday closed up +0.61 (+0.64%), and June RBOB gasoline (RBM26) closed up +0.0707 (+2.05%). Â Crude oil and gasoline prices settled higher on Friday due to concerns about the sustainability of the ceasefire between the US and Iran amid fresh hostilities in the Strait of Hormuz. Â The markets await further updates after the US presented a proposal to Iran that would gradually reopen the Strait of Hormuz and lift the US blockade on Iranian ports. Â Iran is expected to respond via Pakistan in the next few days. Â
Crude prices rose on Friday on fresh hostilities between the US and Iran after Iran's semi-official Tasnim news agency said Iran seized an oil tanker today in the Strait of Hormuz for "attempting to disrupt oil exports and the interests of the Iranian nation." Â Also, US forces targeted missile and drone launch sites and other military assets in Iran that were responsible for attacking three US Navy destroyers transiting the Strait of Hormuz. Â ... Read more
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