Commodities
Middle East Tensions Push Crude Oil Prices Higher Amid Ongoing Hostilities
Crude oil prices rose on Friday as hostilities in the Middle East persisted. The October WTI crude oil (CLV26) closed up +0.23 (+0.26%) and October RBOB gasoline (RBV26) closed up +0.0377 (+1.25%).
The gains were limited due to comments from Iranian President Masoud Pezeshkian, who called for an end to the US-Iran war.
President Trump's threat to crush Iran's economy and comments on the Strait of Hormuz also supported crude prices. However, there have been no signs of progress toward a US-Iran agreement to fully open the strait.
The International Energy Agency (IEA) said in its monthly report that the global oil supply deficit will worsen due to ongoing disruptions from the US-Iran war.