**Crude Prices Surge Amid Middle East Tensions**
On Tuesday, April WTI crude oil closed up 2.90% at $94.18, while April RBOB gasoline rose 4.10% to $3.09, marking a one-week high. The price surge is attributed to disruptions in Middle Eastern energy supplies due to renewed attacks on key infrastructure by Iran, including halted operations at the Shah gas field in the UAE and missile strikes on an Iraqi oil field.
The Strait of Hormuz, crucial for global oil transport, remains mostly closed, forcing Persian Gulf producers to cut production by approximately 6%. Goldman Sachs warns that if these conditions persist, crude prices may exceed the 2008 record high of nearly $150 per barrel. Additionally, OPEC+ plans to increase crude output by 206,000 barrels per day in April, although actual increases may be limited due to ongoing regional conflicts.
Recent data indicates U.S. crude oil inventories fell by 1.5 million barrels, while gasoline supplies decreased by 2 million barrels, as daily production sits at 13.678 million barrels. The number of active U.S. oil rigs rose by one to 412, remaining just above a 4.25-year low.
