Uncertainty Over Reopening of Strait of Hormuz Lifts Crude Prices

Written on 08/07/2026
Rich Asplund

September WTI crude oil (CLU26 ) closed up +0.89 (+1.15%) on Friday, and September RBOB gasoline (RBU26 ) closed up +0.0468 (+1.59%). Crude oil and gasoline prices settled higher on Friday, supported by a decline in the dollar ($DXY ) to a 7-week low. Also, uncertainty regarding a proposed plan...Oil production with Iran flag by EVER STOCK via Shutterstock
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