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Barchart
Barchart
Rich Asplund

Crude Closes Sharply Higher on Heightened Geopolitical Risks in the Middle East

Oil Middle East Gallant Israel Iran Missile United States

Nov WTI crude oil (CLX24) Thursday closed up +2.61 (+3.56%), and Nov RBOB gasoline (RBX24) closed up +8.45 (+4.09%).

Crude oil and gasoline prices Thursday moved sharply higher on ramped-up war rhetoric in the Middle East.  Israeli Defense Minister Gallant said Israel's response to Iran's missile attack on Israel "will be deadly, precise and above all surprising," while Iran said it's ready to launch thousands of missiles at Israel if needed.  Crude prices rose Thursday despite a rally in the dollar index (DXY00) to a 1-3/4 month high. 

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