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Barchart
Barchart
Rich Asplund

Crude Rallies on Middle East Tensions

Oil Hezbollah United States Israel

Nov WTI crude oil (CLX24) today is up +0.75 (+1.10%), and Nov RBOB gasoline (RBX24) is up +2.55 (+1.32%).

Crude oil and gasoline prices today are moderately higher.  Crude is climbing as the recent escalation of the conflict between Israel and Hezbollah is fueling concerns the conflict will widen to include Iran, a supporter of Hezbollah and a major oil producer.  Also, today's +8% surge in Chinese stocks to a 16-month high has boosted optimism that the Chinese government's economic stimulus measures will also boost crude oil demand.  A stronger dollar today is limiting the upside in crude prices.

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