Crude Oil Prices Sharply Higher on Escalation of US-Iran Hostilities

August WTI crude oil (CLQ26 ) on Monday closed up +6.73 (+9.42%), and August RBOB gasoline (RBQ26 ) closed up +0.1817 (+6.09%). Crude oil and gasoline prices surged on Monday, with crude posting a 3.5-week high and gasoline posting a 5-week high. Crude prices soared amid an escalation of US-Iran...Satellite view of the Middle East and the Strait of Hormuz with Iran highlighted_ Image by FoxPictures via Shutterstock_