On Friday, WTI crude oil and RBOB gasoline prices dropped as the dollar strengthened and Iraq planned to resume oil exports from its Kurdistan region. Ukraine’s attacks on Russian refineries are also tightening global oil supplies. Additionally, the IEA raised its global crude surplus estimate, while concerns about a global oil glut persist.

Amid escalating tensions, Ukraine’s attacks on Russian refineries have curbed Russian crude exports and damaged oil infrastructure. President Trump has threatened new sanctions on Russian energy exports, potentially reducing global oil supplies. Furthermore, a decrease in crude oil stored on tankers and OPEC+ agreements to boost crude production are supporting oil prices.

US crude oil inventories are below seasonal averages, and crude oil production has slightly decreased. The number of active US oil rigs has risen, but remains near a 4-year low. The ongoing war in Ukraine and potential sanctions on Russian energy exports are key factors influencing global oil markets.

Read more at Yahoo Finance: Crude Prices Retreat as the Dollar Strengthens and Global Oil Supplies Increase