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Rich Asplund

Crude Climbs as Middle East Tensions Simmer

Oil Middle East crude oil EIA United States Israel

November WTI crude oil (CLX23) this morning is up +1.27 (+1.47%), and Nov RBOB gasoline (RBX23) is up +4.61 (+2.02%).

Nov WTI crude oil and gasoline prices this morning rallied to 2-week highs and are moderately higher. Concerns about an escalation of the Israeli-Hamas conflict that could disrupt Middle East oil supplies are boosting prices today. Crude price maintained their gains on a bullish EIA report that showed crude supplies at Cushing dropped to a 9-year low. A stronger dollar today is negative for energy prices.

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