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Rich Asplund

Crude Oil Prices Surge as US-Iran Conflict Looks to Drag On

Oil crude oil United States Iran EIA IRGC OPEC the Middle East the Strait of Hormuz Russia

September WTI crude oil (CLU26) on Wednesday closed up +5.20 (+6.56%), and September RBOB gasoline (RBU26) closed up +0.0815 (+2.59%).

Crude oil and gasoline prices rallied sharply on Wednesday amid a fresh round of hostilities in the Middle East, which threatens global energy supplies. Gains in crude accelerated on Wednesday 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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