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Barchart
Barchart
Rich Asplund

Crude Oil Rallies as Iranian Attacks Disrupt Middle Eastern Supplies

April WTI crude oil (CLJ26) on Tuesday closed up +2.71 (+2.90%), and April RBOB gasoline (RBJ26) closed up +0.1231 (+4.10%).  Crude oil and gasoline prices rallied sharply on Tuesday, with gasoline posting a 1-week high.  Energy prices are rising amid renewed attacks on key energy infrastructure in the Middle East by Iran.  Also, Tuesday's weaker dollar was supportive of energy prices.

Crude oil settled sharply higher on Tuesday amid disruptions to Middle Eastern energy supplies.  Operations were suspended at the Shah gas field in the United Arab Emirates (UAE), while Iranian drones and missiles also targeted an Iraqi oil field.  Also, crude loadings from the UAE's port at Fujairah were halted again after Iranian drone attacks.  

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