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Barchart
Barchart
Rich Asplund

Crude Climbs on Energy Demand Optimism and Iran Tensions

Oil Iran United States OPEC Israel

Sep WTI crude oil (CLU24) today is up +1.42 (+1.84%), and Sep RBOB gasoline (RBU24) is up +4.66 (+2.01%).

Crude oil and gasoline prices today are moderately higher.  Stronger-than-expected US jobless claims and retail sales reports today signaled economic strength and were positive for energy demand and crude prices.   Also, today's rally in the S&P 500 to a 2-week high bolstered confidence in the economic outlook and supported the energy demand outlook and crude prices.  In addition, crude has support as risks remain high for a retaliatory attack by Iran against Israel, further escalating Middle East tensions.

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