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Barchart
Barchart
Rich Asplund

Rising Global Geopolitical Tensions Lift Crude Prices

Oil Donald Trump United States OPEC EIA Russia Venezuela Vortexa

January WTI crude oil (CLF26) today is up +0.76 (+1.38%), and January RBOB gasoline (RBF26) is up +0.0166 (+0.99%).

Crude oil and gasoline prices are rising today amid heightened geopolitical risks in Venezuela and Russia.  President Trump ordered a blockade of sanctioned tankers off Venezuela, and the US is preparing new sanctions on Russian energy exports if Russia rejects a peace deal to end the war in Ukraine.  Crude prices fell back from their best level after weekly EIA crude inventories fell less than expected and gasoline supplies rose more than expected.

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