Crude Oil Jumps 4% to 1.5-Week High as US-Iran War Talks Hit Impasse
June WTI crude oil closed up +$4.25 (+4.20%) to a 1.5-week high Friday as US-Iran war negotiations hit an impasse, keeping the Strait of Hormuz closed and tightening global oil supplies.
TLDR
- โWTI crude jumped 4.2% to $4.25, hitting 1.5-week high on Middle East supply fears
- โUS-Iran war talks stalled with Strait of Hormuz closure tightening global oil supplies
- โRBOB gasoline rose 2.67% as markets price elevated geopolitical risk premium
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The Quick Take
- June WTI crude oil (CLM26) closed up +$4.25 (+4.20%) on Friday, reaching a 1.5-week high as supply disruption fears intensified.
- June RBOB gasoline futures (RBM26) closed up +$0.0962 (+2.67%), tracking crude's sharp upward move driven by Middle East supply concerns.
- US-Iran war negotiations are reportedly at an impasse, keeping the Strait of Hormuz closed and tightening global crude oil supplies.
- Prolonged closure of the Strait of Hormuz raises fears of a sustained supply shortfall across global crude and refined product markets.
- Markets are pricing in an elevated geopolitical risk premium as US-Iran talks show no signs of near-term resolution.
Synthesized from 2 sources: Nasdaq News.
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