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Market Impact: 0.52

Oil Prices Soar as US-Iran Conflict Expands to Red Sea

Energy Markets & PricesGeopolitics & WarCommodities & Raw Materials

WTI crude (CLU26) surged about +6% on the day and closed up +2.49 (+2.95%), while RBOB gasoline (RBU26) rose +0.0186 (+0.58%) after Iran-backed Houthis launched a missile and drone attack on two Saudi Arabian oil tankers. The reported attacks increase near-term supply and geopolitical risk premiums in oil and refined products.

Analysis

WTI crude (CLU26) surged about +6% on the day and closed up +2.49 (+2.95%), while RBOB gasoline (RBU26) rose +0.0186 (+0.58%) after Iran-backed Houthis launched a missile and drone attack on two Saudi Arabian oil tankers. The reported attacks increase near-term supply and geopolitical risk premiums in oil and refined products.

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Market Sentiment

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mildly negative

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