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Iranian forces target a ship attempting to pass through the Strait of Hormuz

WTI rose $3.53 to $82.48, while the 3-2-1 crack spread climbed to above $70 per barrel, the highest on record.

Reported · Written up by our desk · Energy

Escalation around the Middle East continued as reports said Iran's Revolutionary Guard targeted a ship that ignored warnings and attempted to pass through the Strait of Hormuz, according to Forexlive. Oil prices pushed higher again, with WTI up $3.53 to $82.48 on the day. Forexlive also highlighted refining economics, saying the 3-2-1 crack spread is now above $70 per barrel, its highest level in history. The outlet added that with crude around $80, fuel prices are likely to remain elevated, and any deflation from the May to July drop in crude prices may be absorbed by refineries rather than passed through to companies or consumers.

Latest closeWTI crude $79.00 ▼0.8%

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