May WTI crude oil (CLK26) today is up +2.96 (+3.13%), and May RBOB gasoline (RBK26) is up +0.0370 (+1.20%). Crude oil and gasoline prices are sharply higher today on concerns about a protracted war with Iran. Crude prices also rose amid concerns that reduced Russian crude exports will curb global oil supplies due to the conflict in Ukraine. Crude prices fell back from their best level after the dollar index ($DXY) climbed to a 1-week high.
Fears that the war with Iran will continue are pushing crude prices higher today. Iran and Israel exchanged missile fire today, and Iran targeted several Gulf states as the war entered its 27th day. Saudi Arabia said it intercepted two ballistic missiles headed for Riyadh, and Kuwait said drones damaged the port of Shuwaikh, while another port called Mubarek Al Kabeer was also targeted. Meanwhile, the Wall Street Journal reported the Pentagon is considering sending as many as 10,000 additional troops to the Middle East.
