**WTI Crude Oil and RBOB Gasoline Prices Surge to One-Month Highs**
On Friday, February WTI crude oil closed at $59.64 per barrel, up 2.35%, while February RBOB gasoline rose by 1.15%, closing at $1.77 per gallon. This increase in prices comes amid escalating tensions in Iran, the fourth-largest OPEC producer, where government protests have sparked fears of disrupted oil production. Iran, producing over 3 million barrels per day, has faced threats of severe penalties for protesters, further contributing to price surges.
The U.S. economic outlook is also bolstering energy demand, with December’s unemployment rate dropping to 4.4%, below the expected 4.5%, and January’s consumer sentiment index rising to 54.0, exceeding projections of 53.5. However, analysts from Morgan Stanley predict a growing global oil surplus, with Q1 crude prices forecasted to average $57.50 per barrel, down from $60. The International Energy Agency (IEA) has projected a record oil surplus of 3.815 million barrels per day by 2026.
