Conflict Timeline

Crude oil futures for September delivery rose 2.81% to a six-week high, while RBOB gasoline futures gained 0.53% to a two-month high. Price movements followed reports of disruptions to tanker traffic in the Strait of Hormuz and Red Sea linked to U.S.

-Iran tensions and Houthi militant activity, though both contracts later retreated after U.S. inventory data showed larger-than-expected builds. U.S. and Iranian officials have each stated there is no current basis for talks, with the U.S. describing continued strikes and Iran reporting retaliatory actions on specific bases.