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Barchart
Barchart
Rich Asplund

Crude Prices Gain on Geopolitical Risks

Oil Israel Russia United States Drone EIA Hezbollah OPEC Red Sea Vortexa

April WTI crude oil (CLJ24) on Tuesday closed up +1.29 (+1.66%), and Apr RBOB gasoline (RBJ24) closed up +3.72 (+1.45%).

On Tuesday, crude oil and gasoline prices climbed to 2-week highs and closed moderately higher.  Geopolitical risks are underpinning crude prices with the ongoing Israeli-Hamas war and continued attacks by Houthi rebels on commercial shipping in the Red Sea.  Gains in crude oil were limited after Libya said it restarted crude production in its Wafa oil field, which was shut down for two days because of protestors.  

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