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Barchart
Barchart
Rich Asplund

Crude Prices Rally on Heightened Risks to Middle East Oil Supplies

Oil Iran United States Saudi Arabia Strait of Hormuz Middle East IEA OPEC Red Sea Vortexa

November WTI crude oil (CLX26) closed up +2.45 (+2.66%) on Thursday, and November RBOB gasoline (RBX26) closed down -0.0074 (-0.22%).

Crude oil and gasoline prices settled mixed on Thursday. Crude prices rose sharply on Thursday after Iran threatened to expand the war in the Middle East, dimming the outlook for a deal to reopen the Strait of Hormuz. Crude prices also rose Thursday after Saudi Arabia said it came under missile attack from Houthi militants in Yemen, who fired missiles toward the Red Sea port of Yanbu and the city of Taif.

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