**Crude Oil and Gasoline Prices Surge Amid US-Iran Tensions**
On June 5, 2023, July WTI crude oil closed up $1.83 (+2.07%) at $89.93 per barrel, while July RBOB gasoline increased by $0.0888 (+2.94%), closing at $3.10 per gallon. This spike follows rising tensions between the US and Iran, marked by military strikes and President Trump’s threats of further action. The US military conducted operations on Iranian targets after Iran shot down a US Apache helicopter, prompting retaliatory missile strikes from Iran.
The Energy Information Administration (EIA) reported that US crude oil inventories fell by 7.23 million barrels, significantly exceeding expectations of a 2.2 million barrel decline. Gasoline inventories only saw a minor increase of 186,000 barrels, against the forecasted rise of 1.0 million barrels. Despite these bullish indicators, concerns linger over weakening demand from China, where crude imports dropped to 7.8 million barrels per day in May, the lowest in over eight years.
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.
