**Crude Oil and Gasoline Prices Rise Amid Geopolitical Tensions**
On Wednesday, January WTI crude oil (CLF26) closed at $55.83, up $0.67 (+1.21%), while January RBOB gasoline (RBF26) closed at $1.6813, up $0.0134 (+0.80%). The increases were driven by heightened geopolitical risks, including President Trump’s order for a blockade of sanctioned oil tankers off Venezuela and new potential sanctions on Russian energy exports if President Putin rejects a peace deal with Ukraine.
In the latest EIA weekly report, U.S. crude oil inventories fell by 1.27 million barrels, a smaller decline than the expected 2.05 million barrels, while gasoline supplies unexpectedly rose by 4.81 million barrels, marking a four-month high. U.S. crude production decreased slightly to 13.843 million barrels per day, just below the recent record of 13.862 million barrels per day.
