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Barchart
Barchart
Rich Asplund

Crude Spikes to a 1-Month High on Possible Israeli Retaliation on Iranian Oil Facilities

Oil Israel Iran United States Missile EIA

Nov WTI crude oil (CLX24) today is up +2.68 (+3.82%), and Nov RBOB gasoline (RBX24) is up +7.77 (+3.91%).

Crude oil and gasoline prices surged today to 1-month highs on concern Israel may target Iran's oil industry in retaliation for its missile attack on Israel.  Crude prices also garnered support from US economic news, which showed that service sector activity expanded by the most in 19 months, a supportive factor for fuel demand.  Crude rallied today despite a jump in the dollar index (DXY00) to a 6-week high.

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