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Barchart
Barchart
Rich Asplund

Crude Oil Surges on Concerns Over US-Iran Negotiations

Oil United States Iran EIA OPEC Donald Trump Ukraine Russia

March WTI crude oil (CLH26) on Wednesday closed up +1.93 (+3.05%), and March RBOB gasoline (RBH26) closed up +0.0673 (+3.55%).

Crude oil and gasoline prices rallied sharply on Wednesday, with gasoline climbing to a 2.5-month high.  Crude prices shook off early losses on Wednesday and surged on news that upcoming nuclear talks between the US and Iran have hit a snag, raising the risk of an escalation in tensions between the two countries.  Crude oil prices also garnered support on Wednesday from a bullish weekly  EIA report that showed crude supplies fell more than expected.

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