
January WTI crude oil (CLF24) on Monday closed up +1.04 (+1.46%), and Jan RBOB gasoline (RBF24) closed up +2.20 (+1.03%).
Crude oil and gasoline prices Monday climbed to 2-week highs and closed moderately higher. The main bullish factor for crude oil Monday is geopolitical risks after several major oil shippers stopped shipping crude oil through the Red Sea because of attacks on ships in the region. Also, Monday's rally in the S&P 500 to a 23-month high shows confidence in the economic outlook that supports energy demand and crude prices.