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Rich Asplund

Energy Demand Optimism Pushes Crude Prices Sharply Higher

Oil United States OPEC EIA Donald Trump Iran Middle East

August WTI crude oil (CLQ25) Wednesday closed up +2.00 (+3.06%), and August RBOB gasoline (RBQ25) closed up +2.26 (+1.08%).

Crude oil and gasoline prices on Wednesday rallied to 1-week highs and settled sharply higher. Crude has support on concerns that Middle East tensions could flare up again after Iran moved to cut off communications with the International Atomic Energy Agency (IAEA). Gains in crude oil accelerated on Wednesday afternoon after the S&P 500 climbed to a new all-time high, indicating confidence in the economic outlook and energy demand.

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