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Barchart
Barchart
Rich Asplund

Dollar Weakness and Iran Concerns Boost Crude Oil Prices

Oil United States Iran OPEC Donald Trump Middle East

August WTI crude oil (CLQ25) today is up +0.30 (+0.46%), and August RBOB gasoline (RBQ25) is up +1.26 (+0.61%).

Crude oil and gasoline prices are rising today after the dollar index (DXY00) fell to a 3 1/3-year low.  Also, concern that Middle East tensions could flare up again are pushing crude prices higher after Iran moved to cut off communications with the International Atomic Energy Agency (IAEA).  Additionally, better-than-expected global economic news today is supportive of energy demand and crude oil prices.  Gains in crude are limited by expectations that OPEC+ will increase its crude production level by another 411,000 bpd when they meet on Sunday.  

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