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Barchart
Barchart
Rich Asplund

Crude Prices Jump to a 3-Month High on Dollar Weakness and Iran Risks

Oil OPEC Iran United States Donald Trump EIA Ukraine Russia

March WTI crude oil (CLH26) on Tuesday closed up +1.76 (+2.90%), and March RBOB gasoline (RBH26) closed up +0.0444 (+2.42%).

Crude oil and gasoline prices rose sharply on Tuesday, with crude oil posting a 3-month high and gasoline climbing to an 8-week high.  Tuesday's slump in the dollar index (DXY00) to a nearly 4-year low is bullish for energy prices.  Crude also has support on concerns of possible US military action against Iran, which could disrupt oil supplies from OPEC's fourth-largest producer.  

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