**June WTI crude oil prices surged by 3.67% to close at $92.85, while June RBOB gasoline jumped 3.84% to $3.25 on April 17, 2024. This spike in energy prices follows the cancellation of U.S.-Iran peace talks and rising tensions after Iran seized two ships in the Strait of Hormuz, crucial for global oil transit. The ongoing conflict has forced Persian Gulf oil producers to reduce output by approximately 6%.**
**The International Energy Agency reported that the Iran war and Strait of Hormuz closure have led to a loss of around 13 million barrels per day in global oil supply. Current crude oil inventories in the U.S. are 2.8% above the seasonal five-year average, with recent EIA data showing a surprising increase of 1.93 million barrels. Meanwhile, active U.S. oil rigs have dwindled to 410, near a four-and-a-half-year low, reflecting broader challenges in the oil sector.**
