April WTI crude oil (CLJ26) today is up +1.41 (+1.51%), and April RBOB gasoline (RBJ26) is up +0.0849 (+2.83%). Crude oil and gasoline prices are moving sharply higher today, with gasoline posting a 1-week high. Energy prices are rising amid renewed attacks on key energy infrastructure in the Middle East by Iran. Also, today's dollar weakness is supportive of energy prices.
Crude oil is rallying today amid disruptions to Middle Eastern energy supplies. Operations were suspended at the Shah gas field in the United Arab Emirates (UAE), while Iranian drones and missiles also targeted an Iraqi oil field. Also, crude loadings from the UAE's port at Fujairah were halted again after Iranian drone attacks.
