On Thursday, March WTI crude oil closed at $65.45 per barrel, up $2.21 (3.50%), and March RBOB gasoline rose to $1.93 per gallon, an increase of $0.0312 (1.64%). These prices reflect a climb to a 4.25-month high for crude oil and a 2-month high for gasoline, driven by geopolitical tensions in the Middle East, particularly related to Iran. President Trump has warned of military action if Iran does not agree to a nuclear deal, raising concerns about potential disruptions to global oil supplies.
Additionally, the International Energy Agency (IEA) has cut its 2026 global crude surplus estimate to 3.7 million barrels per day (bpd), while the Energy Information Administration (EIA) raised its estimate for U.S. crude production in 2026 to 13.59 million bpd. U.S. crude oil inventories fell 2.9% below the seasonal five-year average as of January 23, 2023, and the number of active U.S. oil rigs increased by one to 411 as of the same date.
