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Barchart
Barchart
Rich Asplund

Crude Oil Rallies on Concern About Escalation in the Russia-Ukraine War

Oil crude oil United States Russia Ukraine Volodymyr Zelenksyy EIA Vortexa

September WTI crude oil (CLU23) on Tuesday closed up +0.98 (+1.20%), and Sep RBOB gasoline (RBU23) closed up +4.07 (+1.45%).

Crude oil and gasoline prices Tuesday shook off early losses and closed moderately higher on concerns about disruptions to Russian crude supplies.  Ukraine President Zelensky said his country would retaliate against Russian ships in the Black Sea if Russia continued to block Ukrainian ports.   Ukrainian drones on Sunday attacked a Russian oil tanker in the Black Sea, a route that accounts for 20% of the oil that Russia sells daily on global markets.

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