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Rich Asplund

Crude Prices Climb as US Tells Ships to Avoid Iranian Waters

Oil United States Iran OPEC Ukraine EIA Russia

March WTI crude oil (CLH26) today is up +0.79 (+1.24%), and March RBOB gasoline (RBH26) is up +0.0360 (+1.84%).

Crude oil and gasoline prices are climbing today, with gasoline posting a 2.5-month high.  Today's slump in the dollar index ($DXY)to a 1-month low is pushing energy prices higher.  Gains in crude oil accelerated today after the US advised ships to steer clear of the Strait of Hormuz, boosting the risk premium for crude prices.  recovered from early losses on Friday and moved higher after the dollar weakened.   Also, doubts that the US-Iranian talks in Oman will lead to a breakthrough in a nuclear deal are underpinning oil prices after the Wall Street Journal reported that Iran stands by its refusal to end uranium enrichment, a major sticking point for the US.  Crude prices also found support on Friday after the University of Michigan US Feb consumer sentiment index unexpectedly rose to a 6-month high, a positive factor for energy demand and crude prices.  

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