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Rich Asplund

Crude Oil Prices Surge as Global Supply Risks Multiply

Oil International Energy Agency Middle East United States Strait of Hormuz Petrol Gas Prices Iran OPEC OPEC+

November WTI crude oil (CLX26) closed up +3.44 (+3.51%) on Friday, and November RBOB gasoline (RBX26) closed up +0.552 (+1.74%).

Crude oil and gasoline prices rallied sharply on Friday, with crude posting a 1-month high. Crude prices rose Friday amid a weaker dollar and concerns that escalating hostilities in the Middle East could disrupt regional energy supplies. Prices race to their highs Friday afternoon after US lawmakers introduced a bill to block President Trump’s deal with Russia to release several hundred million barrels of diesel fuel. Continuing to exclude Russian diesel from global markets would force refineries elsewhere to buy more crude and increase distillate processing to meet diesel demand.

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