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Barchart
Barchart
Rich Asplund

Crude Prices Supported by Iran Tensions

Oil EIA Iran OPEC United States Donald Trump Ukraine Russia

March WTI crude oil (CLH26) on Wednesday closed up +0.82 (+1.31%), and March RBOB gasoline (RBH26) closed up +0.0215 (+1.14%).

Crude oil and gasoline prices settled sharply higher on Wednesday, with crude oil climbing to a 4-month high and gasoline climbing to a 2-month high.  Crude prices jumped on Wednesday after President Trump threatened another attack on Iran unless it negotiates a nuclear deal.  Crude prices also found support from Wednesday's weekly EIA report, which showed that crude inventories unexpectedly declined and gasoline supplies rose less than expected.  The strength of the dollar on Wednesday limited crude's upside.  

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