May WTI crude oil (CLK24) on Wednesday closed up +0.98 (+1.15%), and May RBOB gasoline (RBK24) closed up +2.60 (+0.94%).
Crude and gasoline prices Wednesday recovered from early losses and posted moderate gains after US intelligence said it believes a major missile or drone strike is imminent by Iran or its proxies against military and government targets in Israel. Iran has said it will launch some type of attack on Israeli assets as revenge for the recent Israel airstrike on Iran's consulate in Syria that killed some top Iranian military commanders. An escalation of hostilities in the Middle East could lead to the disruption of crude supplies from the region.
