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Barchart
Barchart
Rich Asplund

Crude Rallies on Report Iran to Attack Israel Through Iraqi Proxies

Oil Iran Israel Iraq Axios OPEC United States Middle East

December WTI crude oil (CLZ24) today is up +0.95 (+1.37%), and December RBOB gasoline (RBZ24) is up +0.0169 (+0.86%).

Crude oil and gasoline prices are climbing today on concern that hostilities in the Middle East may escalate and disrupt crude supplies.  There was a report from Axios today that Iran may be preparing to attack Israel from Iraqi territory in the coming days.  Also, a pickup in Chinese manufacturing activity supported energy demand and crude prices.  Gains in crude were limited by a stronger dollar and weaker-than-expected US economic reports.

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