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Barchart
Barchart
Rich Asplund

Crude Prices Supported by Elevated Risks in the Middle East

Oil Middle East United States OPEC

August WTI crude oil (CLQ25) today is up +0.24 (+0.35%), and August RBOB gasoline (RBQ25) closed up +0.0340 (+1.58%).

Crude oil and gasoline prices are rising today, with gasoline reaching a 2-week high.  Elevated tensions in the Middle East are boosting crude prices as Houthi rebels resumed their attacks on ships sailing through the Red Sea, which could attract retaliatory US military strikes on the Houthi rebels.   Today's rally in the dollar index (DXY00) to a 1.5-week high is limiting gains in crude.

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