Crude oil prices soar as Iran Oman Hormuz talks stall and Houthi strikes hit Saudi refineries, while OPEC and Russian supply data offer a mixed counterweight.
Crude oil prices soar on Friday as traders confront a dangerous mix of Middle East supply threats, with September WTI crude (tracked broadly through USO) jumping 3.53 percent to gain 2.76 dollars a barrel, while September RBOB gasoline surged 4.03 percent to reach a one week high. Behind the spike: a stalled diplomatic push to reopen the Strait of Hormuz and a fresh strike on Saudi energy infrastructure.
Why crude oil prices are climbing on stalled Hormuz talks
Iran and Oman have not closed a deal to restore free passage through the Strait of Hormuz, and that gap is squeezing supply out of the Middle East. Iranian Foreign Minister Abbas Araghchi called an arrangement with Oman on a shipping corridor
