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Barchart
Rich Asplund

Crude Prices Rally on Heightened Middle East Tensions

Oil OPEC United States Middle East

July WTI crude oil (CLN24) on Tuesday closed up +2.11 (+2.71%), and July RBOB gasoline (RBN24) closed up +3.22 (+1.30%).

Crude oil and gasoline prices Tuesday rallied, with crude climbing to a 1-week high.  Oil prices rallied on geopolitical risks in the Middle East that could lead to disruptions of crude supplies after an Egyptian soldier was killed in a clash with Israeli troops at a Gaza border crossing and after reports that Israeli tanks have reached the center of Rafah in Gaza.  

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