Oil Prices Hold Gains As Gasoline Stocks Hit 12 Year Lows, Cushing 'Tank Bottoms' Loom

Oil prices are climbing back toward $100 per barrel due to escalating tensions between the U.S. and Iran, which have disrupted regional stability. Gasoline inventories have reached a 12-year low, intensifying concerns about supply shortages. This situation is particularly notable as storage facilities at Cushing, Oklahoma, are nearing their capacity, suggesting a potential "tank bottom" moment. These developments underscore the global energy market's vulnerability to geopolitical conflicts and supply chain disruptions.