News Summary

• Oil markets largely ignored the pledge.
• After having risen as high as almost $106 per barrel, Brent crude oil closed at $104.28.
• The continued elevation of crude oil prices has caused retail gas prices to remain high for u.s. consumers.
• The cost to ship crude oil from countries that are not directly affected by the closing of the Strait of Hormuz has also reached new highs as producers scramble to meet demand.
• But with the midterm elections less than a month out and early voting underway, any substantial action by the Trump White House would be likely to have at least some impact on voter attitudes.