Crude oil prices rise due to Middle East tensions, but global employment data remains weak.

Crude oil and gasoline prices are mixed today, with crude reaching a 1-week high due to concerns about Middle East tensions after Iran cut off communication with the IAEA. Meanwhile, weak global employment data is bearish for economic growth and energy demand. Iran’s actions could lead to US or Israeli attacks on nuclear sites.

Global oil glut concerns are affecting crude prices as Russia considers another output hike for OPEC+ in August. OPEC+ has planned gradual production increases to reverse 2-year-long cuts, with Saudi Arabia signaling additional hikes. Gasoline prices are supported by a projected increase in Fourth of July holiday travel, indicating strong demand.

President Trump’s tariff plans and a decline in stored crude oil on tankers are impacting oil prices. The weekly EIA report showed a mixed picture, with distillate stockpiles falling but crude inventories unexpectedly rising. US crude oil production remains steady, while active oil rigs in the US have fallen to a 3-3/4 year low.

Read more at Yahoo Finance: Crude Oil Prices Supported by Middle East Tensions