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Rich Asplund

Crude Prices Rise as Houthi Rebels Ramp Up Attacks in the Red Sea

Oil Red Sea EIA OPEC Missile United States Drone

February WTI crude oil (CLG24) this morning is up +0.14 (+0.19%), and Feb RBOB gasoline (RBG24) is up +0.77 (+0.37%).

Crude oil and gasoline prices this morning are modestly higher. Crude prices rose after Houthi rebels carried out one of their largest missile and drone attacks on commercial shipping lanes in the Red Sea, potentially disrupting global crude supplies. However, crude prices gave up most of their gains after weekly EIA crude inventories unexpectedly rose.

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