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Barchart

Rich Asplund

Heightened Geopolitical Risks in the Middle East Boost Crude Prices

Oil Middle East United States Israel EIA Lebanon

Nov WTI crude oil (CLX24) Tuesday closed up +1.66 (+2.44%), and Nov RBOB gasoline (RBX24) closed up +3.15 (+1.63%).

Crude oil and gasoline prices Tuesday rallied sharply on escalating Middle East tensions that have the potential to disrupt oil supplies. Israel began a ground assault into Lebanon, and Iran fired rockets at Israel. Crude prices fell from their best levels Tuesday after the dollar index climbed to a 1-1/2 week high.

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