Sep WTI crude oil (CLU24) on Monday closed up +3.22 (+4.19%), and Sep RBOB gasoline (RBU24) closed up +5.26 (+2.20%).
Crude oil and gasoline prices surged on Monday, with crude posting a 3-week high and gasoline posting a 1-week high. Rising geopolitical risks in the Middle East that could disrupt the region's crude supplies underpin crude prices. There are fears of an imminent attack against Israel by Iran in response to last month's assassination of a Hamas leader by Israel in Iran. Monday's rally in the S&P 500 to a 1-week high also boosts confidence in the economic outlook, which is positive for energy demand and crude prices.
