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Barchart

Rich Asplund

Crude Rallies on Dollar Weakness and Middle East Tensions

Oil OPEC United States Hezbollah

August WTI crude oil (CLQ24) today is up +1.14 (+1.40%), and Aug RBOB gasoline (RBQ24) is up +6.06 (+2.42%).

Crude oil and gasoline prices today are moderately higher, with crude climbing to a 2-month high. Dollar weakness today is bullish for energy prices. Also, heightened tensions in the Middle East are giving crude prices a boost, with Israel close to a full-blown war with Hezbollah in Lebanon and with Houthi rebels in Yemen stepping up their attacks on commercial shipping in the region.

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