February WTI crude oil (CLG24) on Friday closed up +0.66 (+0.92%), and Feb RBOB gasoline (RBG24) closed up +0.60 (+0.28%).
Crude oil and gasoline prices Friday climbed to 2-week highs and settled moderately higher. Crude prices rose on an escalation of geopolitical risks in the Middle East after the U.S. and its allies launched airstrikes against Houthi rebels in Yemen, retaliating for attacks on commercial ships in the Red Sea. Late Thursday, President Biden said air strikes had been conducted against a number of targets in Yemen for attacking ships in the Red Sea. In response, the Houthis said all U.S. and UK shipping interests are now legitimate targets for attacks.
