**Crude Oil Prices Surge Amid Escalating U.S.-Iran Conflict**
On Tuesday, October WTI crude oil closed up $4.46 (+5.20%), reaching a six-week high, while RBOB gasoline increased by $0.0581 (+1.89%). This spike was driven by heightened tensions following projectile strikes on two oil supertankers in the Strait of Hormuz and a series of retaliatory attacks between the U.S. and Iran. The U.S. has carried out strikes in response to Iran’s military actions, including the targeting of U.S. air bases, and President Trump acknowledged the ongoing tensions without a clear resolution timeline.
The International Energy Agency reported a worsening global oil supply deficit amid ongoing disruptions due to the conflict. Russian crude production has also faced setbacks, dropping to a six-year low of 8.89 million barrels per day in July due to attacks by Ukraine on Russian energy infrastructure. Meanwhile, OPEC’s July production increased by 1.16 million barrels per day to 19.44 million, restoring earlier cuts but introducing uncertainty over future outputs amid rising military tensions.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
