September WTI crude oil (CLU26) on Wednesday closed up +5.20 (+6.56%), and September RBOB gasoline (RBU26) closed up +0.0815 (+2.59%). Crude oil and gasoline prices rallied sharply on Wednesday amid a fresh round of hostilities in the Middle East, which threatens global energy supplies. Crude prices raced to their highs after weekly EIA crude inventories unexpectedly fell to a 7.75-year low and after crude supplies at Cushing sank to a nearly 12-year low. Global crude oil supplies are tightening due to reduced flows through the Strait of Hormuz. Crude prices also have support as Ukraine intensifies drone attacks on Russian oil infrastructure.