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Commodities

Crude Prices Soar on Ongoing US-Iran Tensions

Guavy AI Editorial Team
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Oil
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Crude oil prices rose sharply on Wednesday, driven by ongoing tensions between the US and Iran. The November WTI crude oil contract (CLX26) closed up 1.64 (+1.81%) and November RBOB gasoline (RBX26) closed up 0.1183 (+3.67%). This marks a four-month high for gasoline prices.

The price increase was largely due to the continued uncertainty surrounding the Strait of Hormuz, a key shipping route that has been disrupted by US-Iran hostilities. Iran's President Pezeshkian stated on Wednesday that his country will not allow freedom of navigation through the strait while sanctions and a US blockade remain in place.

Despite overnight losses due to signs of increased crude supplies leaving the Middle East, crude prices rebounded as concerns about supply disruptions persisted. Saudi Arabia's plans for resuming its East-West pipeline by Saturday may also be contributing to the price increase.

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