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Rich Asplund

Middle East Supply Disruptions Support Crude Oil Prices

Oil Middle East International Energy Agency Strait of Hormuz United States Iran Saudi Arabia Petrol Drone OPEC

November WTI crude oil (CLX26) closed up +0.40 (+0.43%) on Tuesday, and November RBOB gasoline (RBX26) closed down -0.416 (-1.26%).

Crude oil prices recovered from early losses on Tuesday and settled higher on concerns about Middle East energy-supply disruptions. Saudi Arabia has seen an increase in attacks from Houthi rebels in Yemen in recent days, while Iran has ramped up attacks on shipping in the Strait of Hormuz. Tuesday’s weaker dollar also supported crude prices.

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