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Rich Asplund

Crude Prices Gain as Israel Launches a Retaliatory Strike on Iran

Oil Iran Israel United States Middle East OPEC

May WTI crude oil (CLK24) this morning is up +0.39 (+0.47%), and May RBOB gasoline (RBK24) is up +0.34 (+0.13%).

Crude and gasoline prices this morning are moderately higher. Crude prices spiked more than +$3 a barrel in overnight trade on escalation of Middle East tensions after US officials said Israel launched air strikes at military targets in Iran and Syria. However, crude fell back from its best levels after Iranian media appeared to downplay the effect of the Israeli strikes, lowering the geopolitical risk premium for crude. A weaker dollar today is also supportive of energy prices.

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