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Oil and gasoline prices jump on Strait of Hormuz reopening uncertainty
September WTI rose 2.4% and September RBOB gasoline climbed 2.7% as Middle East supply risk and reported attacks on Saudi tankers added pressure.
Crude and gasoline futures rose sharply as traders weighed uncertainty around a potential Iran and Oman plan to partially reopen the Strait of Hormuz, while a reported missile attack on a Saudi oil tanker by Houthi rebels also boosted crude prices, according to Yahoo Finance.
On the oil market, September WTI crude oil (CLF) was up 1.83, or 2.4%, while September RBOB gasoline (RBU) gained 0.0777, or 2.7%. Markets were waiting for a joint statement between Iran and Oman that is under review, with Iranian officials saying any route would remain active for two to four months and may not amount to a full reopening.
Yahoo Finance also cited broader disruption risks, including Ukraine intensifying drone attacks on Russian oil infrastructure. It reported that Ukraine attacked Russian refineries, oil tankers, and major pipeline infrastructure at least 30 times in July, and that EA Analytics expects Russian crude-processing rates to average 3.51 million bpd in July, the lowest in 24 years.
Additional context from the report included fuel rationing and shortages in Russia after refinery damage, with the Russian government banning almost all gasoline, jet fuel, and diesel exports. The article also flagged a potential offset from China, where robust crude supplies could reduce Chinese crude purchases in the near term.
Latest closeWTI crude $78.07 ▲3.8%|Gasoline (RBOB) $2.703 ▼4.8%