Crude Oil Prices Push Higher Ahead of Holiday Weekend

Crude oil prices climbed ahead of the US Labor Day holiday weekend, lifting RBOB gasoline alongside it. The upward movement came after a brief dip, when there was no news of military action between the US and Iran. Saudi Aramco's decision to keep Arab Light crude unchanged for Asian customers dampened expectations of a $5 per barrel price increase.

However, crude prices rose to a 6-week high on Thursday due to signs of tight global oil supplies. The International Energy Agency reported that the global oil supply deficit will worsen, further supporting higher prices. OPEC approved a production increase of +188,000 bpd for September, but renewed US-Iran military attacks could complicate implementation.