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Barchart
Barchart
Rich Asplund

Geopolitical Risks and US Economic Strength Boost Crude Oil Prices

Oil United States Russia OPEC Iran Ukraine EIA Vortexa

March WTI crude oil (CLH26) today is up +2.06 (+3.30%), and March RBOB gasoline (RBH26) is up +0.0438 (+2.29%).

Crude oil and gasoline prices are sharply higher today on geopolitical risks.  The likelihood of the Russian-Ukrainian war continuing will keep restrictions on Russian crude and limit global oil supplies.  Also, concerns remain that a conflict between the US and Iran could put crude flows through the Middle East at risk, which is supporting oil prices.  In addition, signs of US economic resilience are supportive for energy demand and crude prices.

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