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Rich Asplund

Tightness in Global Supplies Pushes Crude Oil Prices Sharply Higher

Oil EIA Petrol Middle East United States IEA Strait of Hormuz Gas Prices Iran OPEC

November WTI crude oil (CLX26) is up +3.06 (+3.22%) today, and November RBOB gasoline (RBX26) is down -0.793 (-2.43%).

Crude oil and gasoline prices are mixed today, with crude up sharply at a 3-week high and gasoline falling to a 2-week low. Escalating hostilities in the Middle East, which are disrupting regional energy supplies, are supporting crude prices. Crude gains accelerated, and gasoline fell after weekly EIA crude inventories unexpectedly declined and gasoline supplies unexpectedly increased.

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