May WTI crude oil (CLK26) today is up +3.37 (+3.82%), and May RBOB gasoline (RBK26) is up +0.1158 (+3.92%). Crude oil and gasoline prices are sharply higher today, recovering some of Monday’s losses amid concerns that the conflict in the Middle East could escalate.
Crude prices are climbing today after the Wall Street Journal reported that Saudi Arabia and the United Arab Emirates (UAE) have taken steps toward joining the Iran war, potentially signaling an escalation of the fighting. Saudi Arabia agreed to give the US military access to King Fahd Air Base, and the UAE closed an Iranian-owned hospital and club. Iran’s Middle Eastern neighbors are growing frustrated with Iran, which has responded to US and Israeli attacks by hitting targets in several nearby nations.
