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Barchart
Barchart
Rich Asplund

Crude Prices Supported by Middle East Supply Disruptions

Oil Middle East Saudi Arabia United States IEA Iran OPEC Red Sea Israel Drone

October WTI crude oil (CLV26) is up +0.38 (+0.37%) today, and October RBOB gasoline (RBV26) is down -0.0068 (-0.19%).

Crude oil and gasoline prices are mixed today. Crude prices have support as Middle East tensions continue to disrupt crude supplies. However, crude gains are limited on hopes that diplomacy can end hostilities in the Middle East, leading to the resumption of crude flows from the region. Also, today’s rally in the dollar index ($DXY) to a 7-week high is weighing on energy prices.

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