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Barchart
Barchart
Rich Asplund

EXPLAINED: Crude prices fall as global oil supply risks ease | Rare Historical Photos

Oil United States OPEC EIA Strait of Hormuz

August WTI crude oil (CLQ26) on Tuesday closed down -1.25 (-1.77%), and August RBOB gasoline (RBQ26) closed down -0.0063 (-0.22%).

Crude oil and gasoline prices retreated on Tuesday, with crude settling sharply lower. Crude oil prices gave up an early advance and turned lower on Tuesday amid signs that more crude is flowing through the Strait of Hormuz, boosting global oil supplies. Crude prices initially moved higher on Tuesday after Iran insisted it controls traffic through the Strait of Hormuz, a move opposed by the US, Europe, and Gulf Arab nations.

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