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Oil Still Expensive As Hell, Even After Trump's Dirty Russian Oil Deal

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Countries releasing more of their oil reserves and states suspending their gas taxes may have helped lower fuel prices, but if you live in one of the dozen or so states where gas has dropped below $4 a gallon, don't get too excited. Once a governor suspends their state's gas tax, they can't double-suspend it. The bigger problem is that an increase in attacks on oil tankers is keeping oil prices high, even pushing West Texas Intermediate over $100 a barrel and causing Brent Crude to hit a five-month high, CNBC reports.

At the time of writing, oil prices appear to be trending down from their peaks over the last couple of days, but both Brent Crude and WTI briefly crossed $110 as traders reckoned with Iran's threats to continue striking ships in the Strait of Hormuz. CNBC reports that at least 18 tankers transiting Hormuz have been attacked over the last two weeks, and today, Iran's Revolutionary Guard Corps claimed two "non-compliant" vessels hit mines and caught fire as they attempted to navigate the strait.

This article is an excerpt. To read the full content, visit the original source. Jalopnik

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