Crude oil prices fell today as oil supplies resumed flowing through the reopened Strait of Hormuz. August WTI crude oil (CLQ26) is down -0.67 (-0.91%), and August RBOB gasoline (RBQ26) is down -0.0534 (-1.85%). The resumption of vessel traffic through the strait could release more than 100 laden ships carrying oil from Middle Eastern countries, easing global supply concerns. A rally in the dollar index to a 13-month high and a sell-off in global equity markets also weighed on energy prices.
Resumption of oil flows through the strait increases gasoline supply, pressuring prices.
Strait of Hormuz reopening releases over 100 laden ships, easing global supply concerns.