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Barchart
Barchart
Rich Asplund

Crude Gains on Supply Concerns as US May Sanction Russian and Iranian Crude

Oil United States Russia Iran OPEC Vladimir Putin China

January WTI crude oil (CLF25) Friday closed up +1.27 (+1.81%), and January RBOB gasoline (RBF25) closed up +0.0133 (+0.67%).

Crude oil and gasoline prices Friday rallied to 2-1/2 week highs and settled higher.  The prospects for additional sanctions on Russian and Iranian crude supplies pushed oil prices higher Friday.  Also, Russia ramped up air attacks on Ukraine's power infrastructure, further escalating hostilities.  Friday's rally in the dollar index (DXY00) to a 2-1/2 week high limited gains in crude prices.  

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