Crude oil prices rose on Friday, with WTI crude closing up 2.82% and RBOB gasoline up 1.61%. This rally came amid speculation that President Trump would announce sanctions on Russian energy exports and a report that OPEC+ might pause production increases. However, a stronger dollar and trade tensions could slow global economic growth and energy demand. The president’s comments about Russia’s actions in Ukraine also contributed to the price jump. OPEC+ agreed to raise crude production by 548,000 bpd starting August 1, exceeding expectations and aiming to reduce oil prices. Heightened tensions in the Middle East and increased oil held on tankers could impact prices. The US crude oil inventories are below seasonal averages, and active oil rigs have decreased.

Read more at Yahoo Finance: Crude Prices Jump on Speculation About New US Sanctions on Russian Oil Exports