US-Iran Tensions Fuel Crude Oil Price Surge

Crude oil and gasoline prices surged on Thursday as tensions between the US and Iran remained high, keeping the Strait of Hormuz from fully reopening and tightening global oil supplies.

The November WTI crude oil (CLX26) price rose by +2.28 (+2.52%) to 90.35 dollars per barrel, while November RBOB gasoline (RBX26) jumped by +0.1014 (+3.11%) to 3.34 dollars per gallon.

The deadlock in talks between the two countries has raised concerns about the security of oil shipments through the Strait, a key waterway for global energy supplies.

Saudi Arabia's crude exports have rebounded to 5.28 million barrels per day (bpd) in September, the highest level in seven months, which is seen as bearish for prices.