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Rich Asplund

Crude Prices Rally on Risks to Russian and Iranian Oil Supplies

Oil United States Russia Vladimir Putin Iran OPEC Donald Trump CNN EIA Vortexa

July WTI crude oil (CLN25) Wednesday closed up +0.95 (+1.56%), and July RBOB gasoline (RBN25) closed up +0.0152 (+0.74%).

Crude oil and gasoline prices rallied Wednesday on concern the US might ramp up sanctions on Russian crude exports since Russian President Putin refuses to agree to a ceasefire with Ukraine. Crude oil also has support from recent reports that Israel might be preparing to strike Iran's nuclear facilities.

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