Hormuz Tensions Send Crude Prices Soaring

The US and Iran's ongoing conflict over control of the Strait of Hormuz is supporting crude oil prices, with September WTI crude oil up +0.80 (+0.95%) today.

Crude oil and gasoline prices extended their sharp rally from Monday, posting 3-week highs as tensions remain high in the region.

The conflict has led to disruptions in crude supplies from the Middle East, with many Gulf countries finding alternative routes to transport their crude.

Despite this, US Energy Secretary Chris Wright said that the US is playing the long game with Iran, implying no plans for de-escalation of the conflict and potentially limiting crude supplied from the Middle East.