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Rich Asplund

Red Sea Attacks by Houthi Rebels Lift Crude Prices

Oil United States OPEC Middle East EIA

August WTI crude oil (CLQ25) on Tuesday closed up +0.40 (+0.59%), and August RBOB gasoline (RBQ25) closed up +0.0328 (+1.52%).

Crude oil and gasoline prices on Tuesday added to Monday's gains and posted 2-week highs. Elevated tensions in the Middle East are boosting crude prices as Houthi rebels resumed their attacks on ships sailing through the Red Sea, which could attract retaliatory US military strikes on the Houthi rebels. Tuesday's rally in the dollar index (DXY00) to a 1.5-week high limited gains in crude.

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