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Rich Asplund

Crude Prices Jump as Middle East Hostilities Disrupt Global Supplies

Oil Middle East EIA Petrol International Energy Agency United States Strait of Hormuz Gas Prices Iran OPEC

November WTI crude oil (CLX26) closed up +2.88 (+3.03%) on Thursday, and November RBOB gasoline (RBX26) closed down -0.793 (-2.43%).

Crude oil and gasoline prices settled mixed on Thursday, with crude up sharply at a 3-week high and gasoline falling to a 2-week low. Escalating hostilities in the Middle East, which are disrupting regional energy supplies, are supporting crude prices. Crude gains accelerated, and gasoline fell after weekly EIA crude inventories unexpectedly plunged and gasoline supplies unexpectedly increased.

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