Crude Oil Surges as Strait of Hormuz Remains Closed

Crude oil and gasoline prices surged significantly on Thursday, with WTI crude up 9.72% and RBOB gasoline increasing by 6.32%. This spike was driven by comments from Iran's Supreme Leader about the potential to close the Strait of Hormuz, a vital oil transport route. The geopolitical tension raised concerns about supply disruptions, prompting traders to react swiftly to price movements. As a result, energy stocks are likely to see increased volatility. Overall, the market sentiment is bullish on energy commodities due to these developments.