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August WTI crude oil (CLQ26) on Tuesday closed up +1.89 (+2.76%), and August RBOB gasoline (RBQ26) closed down -0.0494 (-1.64%).
Crude oil and gasoline prices settled mixed on Tuesday. Crude oil prices jumped following attacks on shipping in and around the Strait of Hormuz.
Gasoline prices retreated on Tuesday as the crude crack spread fell more than -5%. The crack spread had surged to a 4-year high on Monday.
Crude Oil Prices Jump as Ships Attacked in the Strait of Hormuz Crude Oil Prices Recover as the Crack Spread Soars Stronger Domestic Demand Lifts Nat-Gas Prices Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most.
Subscribe today! Crude prices rallied sharply higher on Tuesday after Axios reported that a projectile hit a Qatari LNG gas carrier and a laden Saudi oil tanker suffered damage near the Omani coast as they exited the Strait of Hormuz. Axios also reported earlier that Iran fired at least two missiles at commercial ships transiting through the strait.
Crude prices may add to their gains if the US responds to Iran over the attacks.
Crude oil prices raced to their high Tuesday afternoon when the US Treasury Department revoked the Iran oil waiver that allowed buyers to legally purchase and transport Iranian oil in response to renewed attacks by Iran on commercial shipping in the Strait of Hormuz.
Crude prices were pressured on Monday after Saudi Arabia cut the price of its Arab Light oil to Asian customers for delivery next month by $11 a barrel, a larger decline than the -$8 a barrel expected.
Crude prices posted a 4.25-month low on Thursday as the recovery in oil flows through the Persian Gulf accelerated, sparking concerns of a supply glut. According to data compiled by Bloomberg, Saudi Arabian crude exports have risen to 6.3 million bpd, or 90% of pre-war levels.
Also, the UAE ramped up shipments of crude oil and condensates by 30% in June to more than 3.9 million bpd, restoring its oil exports to pre-war levels.
Stronger Russian crude exports are also adding to global oil supplies and undercutting prices. Data compiled by Bloomberg show the four-week average of Russian crude exports rose to 4.13 million bpd through June 28, the highest since Russia invaded Ukraine in 2022. Russia may be boosting its crude exports as the country's refining capacity has plunged due to damage at its refining facilities from Ukraine drone and missile attacks.
The International Energy Agency (IEA) warned on June 17 that the Iran war's impact on global oil demand will be much deeper than previously anticipated, saying world oil consumption will decline by -1.1 million bpd this year, a larger drop than a previous estimate of -420,000 bpd.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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