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Barchart

Rich Asplund

EXPLAINED: Crude prices surge as middle east tensions escalate | Rare Historical Photos

Oil Donald Trump Middle East OPEC Iran United States Israel EIA

July WTI crude oil (CLN25) Tuesday closed up +3.07 (+4.28%), and July RBOB gasoline (RBN25) closed up +0.0520 (+2.34%).

Crude oil prices rallied sharply on Tuesday on the increase in Middle East tensions after President Trump downplayed the prospects for an early end to the Israel-Iran war. President Trump said that he hasn't reached out to Iran for peace talks "in any way, shape or form" and that a "permanent end and not a ceasefire" to the nuclear dispute with Iran would be the goal.

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