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Rich Asplund

Crude Surges on Escalating Geopolitical Risks in the Middle East

Oil Middle East United States

Nov WTI crude oil (CLX24) today is up +2.97 (+4.36%), and Nov RBOB gasoline (RBX24) is up +5.60 (+2.89%).

Crude oil and gasoline prices today are sharply higher. Escalating Middle East tensions that have the potential to disrupt oil supplies have sparked a rally in crude oil after Israel began a ground assault into Lebanon, and US intelligence said Iran is preparing to strike Israel imminently with ballistic missiles. Crude prices are climbing today despite today's rally in the dollar index (DXY00) to a 1-1/2 week high.

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