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Barchart
Barchart
Rich Asplund

Crude Oil Rises on Geopolitical Risks in the Middle East

Oil Middle East Israel Hamas United States Hezbollah IEA Russia Drone OPEC

March WTI crude oil (CLH24) on Friday closed up +1.16 (+1.49%), and Mar RBOB gasoline (RBH24) closed up +1.77 (+0.76%).

Crude oil and gasoline prices on Friday posted moderate gains, with crude oil climbing to a 2-1/2 month high.  Concern about an escalation of the Israel-Hamas war to Lebanon has increased geopolitical risks in the Middle East and is underpinning crude prices after Hezbollah vowed to increase attacks on Israel.  A weaker dollar on Friday was also supportive of energy prices.

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