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October WTI crude oil (CLV26) closed up +4.44 (+4.38%) on Tuesday, and October RBOB gasoline (RBV26) closed up +0.1481 (+4.46%).

Crude oil and gasoline prices rallied sharply for a second day on Tuesday, with crude posting a 3.75-month high and gasoline posting a 3-week high. Supply risks are underpinning crude oil prices as energy exports from the Middle East remain limited, tightening global supplies.

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Crude prices are rallying on fears that global oil supplies will tighten further after Saudi Arabia shut down its key East-West pipeline, disrupting a key route that bypasses the Strait of Hormuz. The 750-mile-long East-West pipeline, which carries 7 million bpd of crude, was closed late last Friday as a precaution following attacks by Houthi rebels, and Saudi officials gave no indication of when it will reopen. The pipeline moves oil away from the Persian Gulf toward the Red Sea, where it can be loaded on tankers. On Tuesday, Saudi Aramco said it is delaying oil deliveries to some European customers because of the pipeline closure.

Crude also has support as Yemen's Houthi rebels target energy facilities in Saudi Arabia, forcing several oil facilities to halt production. Saudi Arabia said last Thursday that its crude production in August fell to 6.238 million bpd, the lowest since 1990.

The Houthi rebels captured the strategic Red Sea port city of Mokha last Thursday, 50 miles from the narrow Bab al-Mandab Strait at the southern end of the Red Sea, putting the group in a stronger position to attack ships. Since the closure of the Strait of Hormuz, Saudi Arabia has pivoted to the Red Sea to export most of its oil, but over the past two months, escalating tensions with the Houthis have disrupted that route.

Vitol Group said that global oil markets are continuing to tighten, with the loss of about 2 million bpd from crude exports in the Middle East, and a further 2 million bpd from Russia as a result of Ukraine's drone attacks. Data compiled by Bloomberg, Kpler and Vortexa showed that Saudi Arabia's Aug crude exports dropped to about 3 million bpd, the lowest amount in 9 years.

Crude prices also have support on concerns that Israel could be dragged back into the US-Iran conflict. Israeli Defense Minister Katz recently said that an Iranian attack on Israel would free Israel from any existing restrictions in a response against the regime in Iran. Israel has ramped up attacks on Iran-backed Hezbollah in Lebanon, dampening the prospects of ending hostilities in the Middle East and a quick reopening of the Strait of Hormuz. In addition, Israel has struck Iran-backed Hamas in Gaza, while the Yemen-based Houthis have attacked ships in the Red Sea.