Crude Oil WTI Dec '35 (CLZ35)
Crude Oil WTI Futures Market News and Commentary
July WTI crude oil (CLN26) today is up +3.14 (+3.20%), and July RBOB gasoline (RBN26) is up +0.0321 (+0.95%). Â Crude oil and gasoline prices are moving sharply higher today as the standoff between the US and Iran is fueling concerns that a prolonged closure of the Strait of Hormuz could worsen energy disruptions. Â
Crude prices jumped today after Reuters reported that Iran's Supreme Leader said enriched uranium must stay in Iran, as sending the material abroad would leave the country more vulnerable to future attacks by the US and Israel. Â The report tempers optimism that the US and Iran were moving closer to a deal to end the war. Â
Ramped-up geopolitical tensions are supportive for crude prices after Reuters reported Monday that Pakistan has deployed 8,000 troops, a squadron of fighter jets, and an air defense system to Saudi Arabia as part of a mutual defense pact, a deployment described as a "substantial, combat-capable force" to support Saudi Arabia if it comes unde... Read more
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