Crude Oil Brent Jul '24 (CBN24)
Crude Oil Brent Futures Market News and Commentary
September WTI crude oil (CLU26) on Friday closed up +1.15 (+1.42%), and September RBOB gasoline (RBU26) closed up +0.0561 (+1.79%).
Crude oil saw support Friday after reports that Iran on Thursday night attacked two Abu Dhabi oil vessels transiting the Strait of Hormuz. Those attacks suggested that Iran intends to continue threatening vessel traffic in the Strait of Hormuz to impose long-term control over the Strait, gaining a strong geopolitical lever and possibly collecting lucrative tolls down the road.
However, oil prices on Friday were still down from Tuesday's 2-week high as the Trump administration pivots to economic pressure rather than fresh US military attacks to try to force Iran to fully reopen the Strait of Hormuz. Treasury Secretary Bessent said Friday that the administration will soon announce unprecedented economic measures against Iran that "have never been seen in the history of economic isolation of a country." The economic measures would add to the... Read more
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