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Rich Asplund

Threats to Global Supplies Push Crude Oil Prices Sharply Higher

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

November WTI crude oil (CLX26) closed up +1.89 (+2.06%) on Monday, and November RBOB gasoline (RBX26) closed down -0.035 (-0.11%).

Crude oil prices settled sharply higher on Monday amid threats to global energy supplies. Saudi Arabia has seen an increase in attacks from Houthi rebels in Yemen, while Iran has ramped up attacks on shipping in the Strait of Hormuz. Monday’s rally in the dollar index ($DXY) to a 1.5-year high was a negative factor for crude prices.

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