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Rich Asplund

Crude Oil Prices Jump as US Advises Ships to Avoid Iran

Oil United States Iran OPEC Ukraine EIA Russia

March WTI crude oil (CLH26) on Monday closed up +0.81 (+1.27%), and March RBOB gasoline (RBH26) closed up +0.0323 (+1.65%).

Crude oil and gasoline prices settled sharply higher on Monday, with gasoline posting a 2.5-month high.  Monday's slump in the dollar index ($DXY) to a 1-month low was bullish for energy prices.  Gains in crude oil accelerated on Monday after the US advised ships to steer clear of the Strait of Hormuz, boosting the risk premium for crude prices.

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