Crude Prices Fall Amid Stronger Dollar and Iran Disruptions
Crude oil prices are down as supplies move through the Strait of Hormuz, a development that's undercutting oil prices. The October WTI crude oil (CLV26) is down -2.06 (-2.35%) today, while October RBOB gasoline (RBV26) is down -0.0820 (-2.69%). A stronger dollar is also putting pressure on crude oil and gasoline prices.
The Joint Maritime Information Center has reduced the threat level for shipping in the Gulf of Oman to 'moderate,' which means the threat of attack on shipping off the coast of Oman is possible but not likely.
US Treasury Secretary Scott Bessent is expected to announce new economic sanctions against Iran later today, which could further impact oil prices. The International Energy Agency (IEA) reported that global oil supply deficits will worsen due to ongoing disruptions from the US-Iran war.