Crude Oil WTI Aug '28 (CLQ28)
Crude Oil WTI Futures Market News and Commentary
September WTI crude oil (CLU26) on Friday closed up +1.08 (+1.29%), and September RBOB gasoline (RBU26) closed down -0.0171 (-0.55%).
Crude oil and gasoline prices settled mixed on Friday. Crude oil rose sharply due to threats to global supplies with disruptions in the Strait of Hormuz and the Red Sea. Also, concerns about the safety of exporting crude through the Caspian Pipeline Consortium are boosting crude after several tankers were attacked by Ukrainian drones sailing to the terminal. Dollar strength on Friday was a bearish factor for energy prices.
Crude oil prices rose on Friday despite no fresh attacks by the US and Iran against each other. However, Houthi leader Abdulmalik al-Houthi said Friday there were indications the Saudis were heading toward "comprehensive escalation," which he said would be met with a fiercer campaign.
Tensions remain high in the Middle East, leading to disruption of global supplies. In addition to the Houthi blockade of Saudi p... Read more
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