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Barchart
Rich Asplund

Crude Prices Surge on Possible Escalation of US-Iran War

Oil United States Iran crude oil the Middle East Saudi Arabia IEA OPEC the Strait of Hormuz Drone

November WTI crude oil (CLX26) is up +4.54 (+5.14%) today, and November RBOB gasoline (RBX26) is up +0.1462 (+4.52%).

Crude oil and gasoline prices are soaring today on signs of possible escalation of the US-Iran conflict. Also, surging freight costs to ship crude oil out of the Middle East to a record high are underpinning crude prices. In addition, crude oil has support as US crude producers shut in more than 510,000 bpd of crude output in response to Hurricane Isaias forming in the US Gulf.

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