March WTI crude oil (CLH26) on Wednesday closed up +2.86 (+4.59%), and March RBOB gasoline (RBH26) closed up +0.0536 (+2.80%).
Crude oil and gasoline prices rallied sharply on Wednesday amid mounting geopolitical risks. The likelihood of the Russian-Ukrainian war continuing is bullish for oil prices as it will keep restrictions on Russian crude and limit global oil supplies. Also, concerns remain that a conflict between the US and Iran could put crude flows through the Middle East at risk, which is supporting oil prices. In addition, signs of US economic resilience are supportive for energy demand and crude prices.
