Crude Oil Prices Surge as Closure of Hormuz Threatens Supply Shortages

Written on 04/22/2026
Rich Asplund

June WTI crude oil (CLM26 ) on Wednesday closed up +3.29 (+3.67%), and June RBOB gasoline (RBM26 ) closed up +0.1201 (+3.84%). Crude oil and gasoline prices rallied sharply on Wednesday, with gasoline posting a 3-week high. Energy prices surged on Wednesday as the cancellation of peace talks between the...Strait of Hormuz by artemegorovv via Shutterstock
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