Reduced Hormuz tanker traffic lifts August WTI and RBOB futures 2.20% and 2.66%

U.S. and Iranian strikes on targets in the Strait of Hormuz on June 27–28 disrupted tanker movements, putting short-term pressure on Persian Gulf crude exports. August WTI crude oil (CLQ26) and August RBOB gasoline (RBQ26) futures closed on Monday up 2.20% and 2.66%, respectively. Although the two sides agreed on Monday to a temporary ceasefire and reopened shipping lanes, the market priced in a higher geopolitical risk premium. The IEA cut its 2024 global oil demand outlook to -1.1 million bpd, while Russian refining capacity hit a 20-year low, reinforcing supply-tightness expectations.