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Barchart
Rich Asplund

Iran Concerns and Dollar Weakness Support Crude Oil Prices

Oil Iran OPEC United States Donald Trump EIA International Atomic Energy Agency Middle East

August WTI crude oil (CLQ25) Tuesday closed up +0.34 (+0.52%), and August RBOB gasoline (RBQ25) closed up +2.82 (+1.36%).

Crude oil and gasoline prices settled higher Tuesday after the dollar index (DXY00) fell to a 3 1/3-year low.  Also, concerns 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 on Tuesday 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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