Crude Oil WTI Jan '15 (CLF15)
Crude Oil WTI Futures Market News and Commentary
June WTI crude oil (CLM26) on Thursday closed up +2.89 (+3.11%), and June RBOB gasoline (RBM26) closed up +0.0858 (+2.65%). Â Crude oil and gasoline prices settled sharply higher on Thursday, with gasoline climbing to a 3.75-year high. Â Energy prices remain underpinned as the Strait of Hormuz remains essentially closed, threatening to deepen the global energy crisis. Â Gains in crude prices accelerated on Thursday on signs the war in Iran will persist after President Trump said a deal with Iran will only be made "when it's appropriate and good" for the US and its allies.
US peace talks with Iran remain in limbo. Â The US and Iran are locked in a battle for control of the Strait of Hormuz, with both sides blocking the waterway to gain leverage during an extended ceasefire. Â The US said it was waiting for a response from Iran before peace talks could restart, and Iran said it will not resume negotiations while a US naval blockade on its ports is in place. Â
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