### Crude Oil and Gasoline Prices Surge Amid Middle East Tensions
On October 2, WTI crude oil prices rose by $2.36 (+2.83%) to close at a one-week high, while RBOB gasoline prices increased by $0.0268 (+0.88%). The escalation of military tensions between the U.S. and Iran, including drone strikes and rocket attacks, has raised concerns over potential disruptions in oil shipping routes, particularly through the Strait of Hormuz, which could impact global energy supplies.
Goldman Sachs reported on September 29 that oil exports from the Persian Gulf have rebounded to approximately 15-16 million barrels per day (bpd), about two-thirds of pre-war levels. This comes as the International Energy Agency warned of a worsening global oil supply deficit amidst ongoing conflicts. In July, Russian crude production fell to an estimated 8.89 million bpd, the lowest in six years, exacerbating supply pressure.
As of August 21, U.S. crude oil inventories stood 1.3% above the seasonal five-year average, while gasoline inventories were down 5.9%. U.S. crude production slightly increased to 13.843 million bpd. The number of active U.S. oil rigs decreased to 447, indicating a modest decline in domestic drilling activity.
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