**Crude Oil and Gas Prices Surge Amid Global Supply Threats**
On September 14, WTI crude oil prices rose by $2.37 (+2.81%), reaching a six-week high, while September RBOB gasoline increased by $0.0171 (+0.53%), marking a two-month high. These price increases stem from escalating geopolitical conflicts, particularly the US-Iran tensions disrupting tanker traffic through the Strait of Hormuz and threats from Houthi militants against shipping in the Red Sea.
Despite these short-term spikes, the Energy Information Administration (EIA) reported an unexpected increase in US crude inventories by 2.01 million barrels, diverging from a forecasted decline, which contributed to a reduction in crude prices earlier in the day. The latest data also indicated a decrease in US crude production to 13.798 million barrels per day, while the number of operational oil rigs reached a 13-month high of 452. The market is navigating complex supply dynamics, with Russian crude output at a two-and-a-half-year low and OPEC planning increased production amidst declining global demand projections.
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