Crude oil and gasoline prices are up today, with crude hitting a 1.5-week high and gasoline reaching a 2.75-month high due to escalating US-Iran tensions. The US is considering seizing tankers with Iranian crude and may send a second aircraft carrier strike group to the Middle East. Weekly EIA inventories rose more than expected, causing prices to drop slightly.

Geopolitical risks in the Middle East are boosting crude oil prices, as the US discusses seizing tankers carrying Iranian oil and considers sending another aircraft carrier strike group to the region. The US Department of Transportation issued a maritime advisory for American ships to avoid Iranian waters, potentially disrupting OPEC’s fourth-largest producer.

The US monthly jobs report showed stronger than expected numbers, with January nonfarm payrolls rising by 130,000 and the unemployment rate dropping to 4.3%. This positive economic data supports energy demand and crude prices.

Venezuela’s increased crude oil exports are adding to global supplies, putting downward pressure on oil prices. The country’s exports rose to 800,000 bpd in January from 498,000 bpd in December.

Russia’s stance on peace talks with Ukraine is keeping crude prices supported, as the Kremlin indicates a lack of progress until territorial demands are met. The ongoing conflict between Russia and Ukraine could restrict Russian crude exports, impacting global oil supplies.

The EIA raised its US crude production estimate for 2026 and energy consumption estimate. The IEA lowered its global crude surplus estimate, indicating stability in the oil market.

Ukrainian attacks on Russian refineries and tankers have reduced Russian crude oil export capabilities, impacting global oil supplies. US and EU sanctions on Russian oil entities have further restricted exports.

The EIA’s weekly report showed mixed results, with a larger than expected drawdown in distillate stockpiles but unexpected rises in crude and gasoline inventories. Cushing crude inventories hit a 9-month high.

US crude oil inventories are below the seasonal 5-year average, while gasoline inventories are above and distillate inventories are below. US crude oil production rose to a 14-month low.

The number of active US oil rigs increased slightly, nearing a 4.25-year low. The decline in oil rigs over the past 2.5 years indicates a shift in the industry.

Read more at Yahoo Finance: Crude Prices Climb on Iran Tensions