**Crude Oil and Gasoline Prices Rise Amid Geopolitical Tensions**
On Friday, October WTI crude oil prices closed up $0.23 (+0.26%) and October RBOB gasoline prices increased by $0.0377 (+1.25%), with gasoline reaching a 3.5-week high. These price increases were largely influenced by President Trump’s threats to further isolate Iran economically, dampening hopes for a resolution in the US-Iran conflict and the reopening of the vital Strait of Hormuz.
Despite gains, market optimism was tempered by Iranian President Masoud Pezeshkian’s call for an end to the war, stating “we are strong and have dignity.” Additionally, U.S. Energy Secretary Chris Wright indicated that the U.S. plans to maintain pressure on Iran, suggesting continued limits on crude supply from the region. Last week, 9 million barrels per day (bpd) of crude transited the Strait of Hormuz, surpassing expectations of 4 million bpd, with several Gulf states adapting their shipping tactics amid rising tensions.
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