**Crude Oil and Gasoline Prices Rise Amid Geopolitical Tensions**
On Wednesday, March WTI crude oil closed up $0.26 (+0.43%) at $61.64 per barrel, while March RBOB gasoline rose $0.0285 (+1.54%) to $1.87 per gallon, reaching a seven-week high. This increase was influenced by the International Energy Agency (IEA) cutting its 2026 global crude surplus estimate to 3.7 million barrels per day (bpd) and ongoing geopolitical tensions, particularly regarding the U.S. considering military options against Iran, which is OPEC’s fourth-largest producer, and produces over 3 million bpd.
Additionally, reports indicated that the U.S. is deploying an aircraft strike force to the Middle East in response to protests in Iran, further contributing to concerns that crude production could be disrupted. Meanwhile, OPEC+ is maintaining its production pause in Q1 2026, with December production rising only 40,000 bpd to 29.03 million bpd as they work to address an emerging global surplus. The weekly EIA report is expected to show a decline in U.S. crude inventories by 108,000 barrels.
