Crude Oil Brent F Dec '26 (QAZ26)
Crude Oil Brent (F) Futures Market News and Commentary
September WTI crude oil (CLU26) is up +0.80 (+0.95%) today, and September RBOB gasoline (RBU26) is up +0.0232 (+0.71%).
Crude oil and gasoline prices extended Monday’s sharp rally today and posted 3-week highs as the US and Iran remain deadlocked over control of the Strait of Hormuz, limiting crude supplies from the Middle East.
Crude prices rose today after a vessel was struck by an unknown projectile heading out of the Strait of Hormuz. Also, Iran’s Fars news agency reported that a tanker belonging to a UAE company was detained by Iran in the strait, saying ships must pay to transit through Hormuz.
On Monday, President Trump said he's not interested in extending the expiring agreement with Iran, dimming prospects for a swift reopening of the Strait of Hormuz. Also, US Energy Secretary Chris Wright said that the US is playing the long game with Iran, implying the US has no plans for de-escalation of the conflict, potentially limiting crude supplied from the... Read more
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