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Rich Asplund

Crude Prices Rally as Middle East Hostilities Disrupt Energy Supplies

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

November WTI crude oil (CLX26) closed up +0.95 (+1.01%) on Wednesday, and November RBOB gasoline (RBX26) closed up +0.094 (+0.29%).

Crude oil and gasoline prices extended this week’s rally on Wednesday, with crude oil posting a 2-week high. Escalating hostilities in the Middle East, which are disrupting regional energy supplies, are pushing crude prices higher. Crude prices fell from their best level on Wednesday after the dollar index ($DXY) rallied to a 1.5-year high.

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