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Rich Asplund

Crude Oil Sharply Higher as Iran War Disrupts Global Supplies

Oil Iran United States EIA OPEC Russia Ukraine Strait of Hormuz Vortexa

April WTI crude oil (CLJ26) on Tuesday closed up +3.33 (+4.67%), and April RBOB gasoline (RBJ26) closed up +0.0868 (+3.66%).

Crude oil and gasoline prices rallied sharply for a second day on Tuesday, with crude posting an 8.5-month high and gasoline posting a 19-month high. The main bullish factor for crude prices is the war in Iran as the US and Israel continue to launch joint attacks on the country. Crude prices fell from their best levels today after the dollar index ($DXY) surged to a 3.25-month high and after President Trump said, "If necessary, the US Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible."

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