Crude oil and gasoline prices fell on Thursday, with no overnight reports of new military attacks by the US or Iran in the Persian Gulf. September WTI crude oil closed down 2.02 dollars, or 2.43 percent, and September RBOB gasoline closed down 0.0257 dollars, or 0.81 percent. Market concerns about the Middle East were reduced slightly by news reports saying the Trump administration is pivoting to using a naval blockade to apply economic pressure on Iran rather than new military attacks. An Iranian military spokesperson said no ship can safely pass the Strait of Hormuz without Iran's authorization and supervision, and called President Trump's claims of control over the Strait lies. Traffic through the Strait remains slow, with Energy Aspects reporting only an average of five vessels transiting, down from 14 ships a day after the US and Iran reached a memorandum of understanding in June.
