Commodities
US-Iran Tensions Fuel Three-Week Highs in Crude Oil Prices
Crude oil and gasoline prices surged to three-week highs on Tuesday as tensions between the US and Iran continued to escalate in the Strait of Hormuz, a critical shipping route for Middle Eastern oil supplies.
The September WTI crude oil (CLU26) contract closed up 0.52% at +$0.44 per barrel, while September RBOB gasoline (RBU26) rose 0.97% to +$0.0316 per gallon.
The US and Iran remain deadlocked over control of the Strait of Hormuz, with no signs of progress towards a US-Iran agreement to fully open the waterway.
Iran's Fars news agency reported that a tanker belonging to a UAE company was detained by Iran in the strait, requiring ships to pay for transit through the area.