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Barchart
Rich Asplund

Energy Demand Optimism and Houthi Rebel Attacks on Red Sea Shipping Boost Crude Prices

Oil United States OPEC Saudi Arabia Asia

August WTI crude oil (CLQ25) today is up +0.59 (+0.88%), and August RBOB gasoline (RBQ25) is up +0.0243 (+1.15%).

Oil prices today recovered from early losses and rallied to 2-week highs after Saudi Arabia raised prices for its main crude grade for buyers in Asia next month by more than expected.  Crude prices added to their gains on elevated tensions in the Middle East after Houthi rebels attacked a ship sailing through the Red Sea, which could attract retaliatory US military strikes on the Houthi rebels.   Crude prices initially moved lower today due to a stronger dollar and after OPEC+ raised its crude production level more than expected on Sunday.  

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