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Rich Asplund

Crude Prices Surge as Saudi Arabia Closes its East-West Pipeline

Oil Saudi Arabia crude oil IEA OPEC United States Israel Iran Russia The Red Sea

October WTI crude oil (CLV26) is up +3.30 (+3.30%) today, and October RBOB gasoline (RBV26) is up +0.0690 (+2.09%).

Crude oil and gasoline prices are sharply higher today, with crude posting a 3.75-month high. Energy prices are rallying on fears that global oil supplies will tighten further after Saudi Arabia shut down its key East-West pipeline after attacks by Houthi rebels. Crude prices fell from their best level when President Trump said that Ukraine and Russia agreed to not attack each other’s energy targets.

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