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Barchart
Barchart
Rich Asplund

Crude Closes Higher as Middle East Tensions Remain High

Oil Middle East United States OPEC

May WTI crude oil (CLK24) on Friday closed up +0.41 (+0.50%), and May RBOB gasoline (RBK24) closed down -0.34 (-0.13%).

Crude and gasoline prices on Friday settled mixed.  Crude prices spiked more than +$3 a barrel in overnight trade on escalation of Middle East tensions after US officials said Israel launched air strikes at military targets in Iran and Syria.   However, crude fell back from its best levels, and gasoline fell into negative territory after Iranian media appeared to downplay the effect of the Israeli strikes, lowering the geopolitical risk premium for crude oil.  A stronger dollar Friday was also bearish for energy prices.  

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