WTI crude surges to $82.48 after Iran targets vessel in Strait of Hormuz, lifting crack spreads to record $70 per barrel.
Iran’s Revolutionary Guard struck a ship attempting to pass through the Strait of Hormuz after ignoring warnings, escalating Middle East tensions. The incident sent WTI crude up $3.53 to $82.48, extending a rally driven by supply concerns.
The 3-2-1 crack spread reached a historic high of $70 per barrel, signaling refineries are capturing all crude price declines. Fuel costs remain elevated despite oil trading at $80, matching or exceeding war-time peaks.
Markets remain on edge as reports suggest potential U.S. military support for Israel, while diplomatic efforts in Lebanon show mixed signals.