Crude Oil WTI Aug '23 (CLQ23)
Crude Oil WTI Futures Market News and Commentary
August WTI crude oil (CLQ26) today is down -0.33 (-0.40%), and August RBOB gasoline (RBQ26) is down -0.0158 (-0.47%).
Crude oil and gasoline prices gave up overnight gains and turned lower after Reuters reported that mediators had proposed a 10-day ceasefire between the US and Iran. Prices initially moved higher today, with crude posting a 5-week high and gasoline posting a 2-month high after hostilities between the US and Iran escalated further over the weekend.Â
The US conducted a ninth straight day of airstrikes on Iran today, bombing military targets and communications networks, and Iran retaliated by launching drones and missiles at US bases in Kuwait, Jordan, Bahrain, and Iraq. The New York Times reported that the US is sending more warplanes to the Middle East, including F-35 and F-16 fighter jets, a possible sign that US military operations could expand in the coming days.
Also, signs that the conflict in the Middle East is widening are supporting crude o... Read more
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