Commodities
Oil Prices Plummet on Surging Hormuz Flows
Oil prices took a hit on Monday as increased crude flows through the Strait of Hormuz eased supply concerns. The October WTI crude oil (CLV26) closed down -4.52 (-4.51%) and October RBOB gasoline (RBV26) fell by -0.0577 (-1.64%).
Admiral Brad Cooper, head of US Central Command, stated that crude and liquefied natural gas flows through the Strait of Hormuz over the past two weeks are running at a six-month high.
The decline in oil prices was also attributed to diplomatic efforts to end the US-Iran war. President Trump expressed his willingness to meet with Iranian President Masoud Pezeshkian on the sidelines of the UN General Assembly in New York this week.