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Rich Asplund

Crude Oil Prices Soar on Fears US-Iran War to Persist

Oil United States Iran EIA OPEC Israel IEA Middle East Saudi Arabia Vortexa

October WTI crude oil (CLV26) is up +5.67 (+5.90%) on Wednesday, and October RBOB gasoline (RBV26) is up +0.1572 (+4.90%).

Crude oil and gasoline prices are sharply higher today, with crude oil posting a 3.5-month high and gasoline posting a 2-week high. Crude prices are soaring today amid fears that the US-Iran war will persist, reducing energy exports from the Middle East and tightening global oil supplies. Crude prices rallied today despite a bearish weekly EIA inventory report.

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