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Barchart
Rich Asplund

Crude Oil Prices Soar as US-Iran Tensions Escalate

Oil United States Iran EIA OPEC IRGC Middle East Strait of Hormuz Russia Ukraine

September WTI crude oil (CLU26) today is up +5.31 (+6.70%), and September RBOB gasoline (RBU26) is up -0.0802 (+2.55%).

Crude oil and gasoline prices are soaring today amid a fresh round of hostilities in the Middle East, which threatens global energy supplies. Gains in crude accelerated after President Trump said the US will “hit Iran hard” after a recent attack from Iran that targeted a US base in Jordan. Crude prices raced to their highs after weekly EIA crude inventories unexpectedly fell to a 7.75-year low and after crude supplies at Cushing sank to a nearly 12-year low.

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