Crude oil and gasoline prices surged today, with WTI crude up 2.54% and RBOB gasoline up 1.57%, amid concerns over Russian crude supplies. Weaker-than-expected manufacturing data in the Eurozone and the US raised worries about energy demand and crude prices.

NATO’s pledge to defend itself against Russian incursions and support for sanctions on Russian oil by Western allies boosted crude prices. President Trump threatened new sanctions on Russia, while the US proposed tariffs on China and India for buying Russian oil to end the Ukraine war.

Global manufacturing weakness negatively impacted energy demand and crude prices, with US and Eurozone manufacturing PMIs falling below expectations. Iraq’s agreement to resume Kurdish oil exports and reduced crude demand from India added pressure on oil prices.

Ukraine’s attacks on Russian refineries disrupted crude exports, tightening global oil supplies. OPEC+ agreed to a modest increase in crude production, with OPEC output rising in August. US crude inventories were below seasonal averages, while the number of active US oil rigs slightly increased.

Crude prices rallied on concerns over Russian oil supplies amidst geopolitical tensions and disruptions in global oil markets.

Read more at Yahoo Finance: Crude Prices Rally on Concern Over Russian Oil Supplies