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Barchart
Rich Asplund

Crude Prices Surge as President Trump Threatens Sanctions on Russian Energy Exports

Donald Trump Oil OPEC crude oil Russia United States Iraq EIA

September WTI crude oil (CLU25) on Tuesday closed up +2.50 (+3.75%), and September RBOB gasoline (RBU25) closed up +0.0738 (+3.51%).

Crude oil and gasoline prices surged Tuesday, with crude posting a 2-week high and gasoline posting a 5-week high.  Concerns about the possibility of tighter global oil supplies sent prices sharply higher Tuesday after President Trump warned of "secondary sanctions" if Russia fails to reach a ceasefire in Ukraine within 10 days.   Gains in crude accelerated Tuesday when President Trump said he's "not worried" about how oil markets will react if he sanctions Russia.  Tuesday's rally in the dollar index (DXY00) to a 5-week high was bearish for crude prices.

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