Crude oil prices retreated to a 3-week low on improved transit flows through the Strait of Hormuz, while RBOB gasoline surged on record crack spreads.
Crude oil fell to a 3-week low on diplomatic hopes and increased flows through the Strait of Hormuz.
RBOB gasoline rose as the crack spread hit a record high, boosting refining demand.
The dollar index rallied to a 7-week high, pressuring energy prices.
Crude oil prices slipped to a 3-week low as diplomatic optimism and increased transit through the Strait of Hormuz eased supply concerns. Conversely, RBOB gasoline futures rallied nearly 2% as record-high crack spreads incentivized refiners to ramp up production despite broader energy market volatility.
Prices are retreating due to reports of increased oil flows through the Strait of Hormuz and potential diplomatic negotiations involving Iran, which have eased immediate supply disruption fears.