Crude Oil Climbs Amid Geopolitical Tensions and Dollar Weakness

WTI Crude Oil futures rallied sharply yesterday as the dollar slumped and geopolitical concerns increased. The Biden administration allowed the use of U.S.-supplied long-range missiles for use within Russian territory for the first time yesterday, ramping fears of escalation. This morning there are reports that Ukraine has struck Russian border regions with long-range missiles.Stacked oil barrels by JONGHO SHIN via iStock