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Barchart
Rich Asplund

Middle East Jitters Underpin Crude Prices

Oil Donald Trump EIA Iran OPEC Israel United States

July WTI crude oil (CLN25) Wednesday closed up +0.30 (+0.40%), and July RBOB gasoline (RBN25) closed up +0.0367 (+1.62%).

Crude oil prices whipsawed Wednesday in volatile trade and finally settled higher.  Concern about escalation of the Israel-Iran war boosted crude prices Wednesday after Iran's Supreme Leader Ayatollah Ali Khamenei said his country won't surrender to Israel after President Trump had demanded Iran's "unconditional surrender."  Crude prices also found support Wednesday from a bullish weekly EIA report.  

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