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Commodities

Crude Prices Rally Amid Strait of Hormuz Uncertainty

Guavy AI Editorial Team
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Oil
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Crude oil prices surged on Thursday as concerns over the Strait of Hormuz and oil supplies from the Middle East weighed on markets. The September WTI crude oil contract closed up +2.07 (+2.75%) while RBOB gasoline rose by +0.0997 (+3.51%).

A proposed deal between Iran and Oman to reopen the Strait of Hormuz was met with uncertainty, as Iranian officials stated that normalization would depend on the US lifting its blockade on Iranian ports.

The deal reportedly prohibits vessels belonging to the US, Israel, or other nations that have 'caused damage' to Iran from transiting the waterway, which could restrict oil exports from several Gulf States.

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