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Barchart

Rich Asplund

Crude Oil Gains on Escalation of Ukraine-Russian War

Oil United States Russia Ukraine EIA Iran

December WTI crude oil (CLZ24) Tuesday closed up +0.23 (+0.33%), and December RBOB gasoline (RBZ24) closed up +0.0194 (+0.96%).

Crude oil and gasoline prices Tuesday rallied to 1-week highs and closed moderately higher. Crude found support Tuesday from a weaker dollar and an escalation of the Ukraine-Russian war. However, crude prices fell back from their best levels after the International Atomic Energy Agency (IAEA) said Iran agreed to stop producing near bomb-grade uranium.

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