Crude oil and gasoline prices surged today due to concerns over the conflict in the Middle East, with Israel targeting Hamas leaders in Qatar and Ukraine escalating attacks on Russian refineries. Dollar strength is capping the gains in crude prices. Additionally, OPEC+ decided to raise crude production by 137,000 bpd starting in October, lower than the previous increases. Reduced Russian crude output is also supporting oil prices.

The ongoing war in Ukraine could lead to further sanctions on Russian energy exports, impacting global oil supplies. US Treasury Secretary Bessent and other leaders have hinted at imposing additional sanctions on Russia if the conflict continues. Saudi Arabia’s decision to cut crude prices by $1 per barrel for October delivery in Asia signals weak demand, while an increase in oil stored on tankers is also bearish for prices.

Concerns about higher OPEC production, reflected in a recent rise in crude inventories and production, are pressuring oil prices. Despite some bearish factors, including the rise in oil rigs in the US, geopolitical risks and supply disruptions are keeping crude prices elevated.

Read more at Yahoo Finance: Crude Prices Jump on Geopolitical Risks as Israel Strikes Hamas Leaders in Qatar