Crude Oil WTI Jul '33 (CLN33)
Crude Oil WTI Futures Market News and Commentary
July WTI crude oil (CLN26) on Wednesday closed up +1.83 (+2.07%), and July RBOB gasoline (RBN26) closed up +0.0888 (+2.94%).
Crude oil and gasoline prices settled sharply higher on Wednesday after the US and Iran exchanged strikes overnight, which could derail the peace process and keep the Strait of Hormuz closed. Also, President Trump said that Iran has taken too long to make a deal and that they will now have to “pay the price,” fueling concerns that the US may escalate military attacks on Iran. Crude prices maintained their gains on a bullish EIA inventory report.
Crude prices raced to their highs on Wednesday when President Trump pledged to strike Iran again after accusing the country of delaying talks on an interim peace deal. Mr. Trump declined to say what targets US forces would hit but said: "We hit them hard yesterday, and we're going to hit them hard again today."
However, crude prices fell from their best level on Wednesday afternoon when President Tr... Read more
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