Crude oil and gasoline prices surged on Monday, with gasoline hitting a 2.5-month high. The drop in the dollar index was favorable for energy prices. Concern over escalating geopolitical tensions in the Middle East added a risk premium to crude oil. Venezuela’s increased crude exports are contributing to global oil supplies. Russia’s stance on peace talks with Ukraine is keeping restrictions on Russian crude in place. The IEA cut its global crude surplus estimate for 2026, while the EIA raised its US crude production estimate. Crude oil stored on tankers decreased, and OPEC+ plans to pause production increases through Q1 2026. Ukrainian attacks on Russian refineries and tankers are impacting oil exports. The latest EIA report showed fluctuations in US crude oil inventories. The number of active US oil rigs slightly increased but remains near a 4.25-year low.

Read more at Yahoo Finance: Crude Oil Prices Jump as US Advises Ships to Avoid Iran