Oil Prices Soar as Tensions in Middle East Escalated

WTI crude oil gained for the first time 10 days as tensions in the Middle East escalated after Israel warned that Iranian warships entering the Suez Canal were provocations. Protests have spread from Tunisia and Egypt to Iran, Yemen, Libya, Bahrain and Iran, triggering concerns over oil supply disruption. Oil prices were also supported by better US outlook and smaller-than-expected increase in inventories. The front-month contract for WTI crude oil price rebounded to as high as 85.95 before settling at 84.99, up +0.79%. Heating oil and gasoline prices jumped +1.68% and +2.25% respectively. Gold price initially soared to a 5-week high of 1382.7 but profit-taking then emerged and sent price lower to 1375.1.

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Oil Prices Soar as Tensions in Middle East Escalated