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Barchart
Barchart
Rich Asplund

Crude Oil Prices Climb as US-Iran Ceasefire Set to Expire on Wednesday

Oil United States Iran Donald Trump OPEC Russia Strait of Hormuz Ukraine IEA Pakistan

May WTI crude oil (CLK26) today is up +3.56 (+3.97%), and May RBOB gasoline (RBK26) is up +0.0682 (+2.19%).  Crude oil and gasoline prices recovered from early losses today and moved sharply higher as Iran has yet to confirm its attendance at further talks in Pakistan with the US before a ceasefire expires on Wednesday.

Escalating tensions in the Middle East are keeping the Strait of Hormuz closed and supporting energy prices.  A US-Iran ceasefire is due to expire at the end of Wednesday, and President Trump said it's "highly unlikely" he will extend the ceasefire.

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