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Rich Asplund

Crude Oil Prices Continue Sharply Lower on Iran Peace Hopes

Oil Iran United States Donald Trump OPEC

July WTI crude oil (CLN26) on Friday closed down -2.82 (-3.23%), and July RBOB gasoline (RBN26) closed down -0.0516 (-1.66%).

July WTI crude oil prices on Friday fell by -3.23%, adding to Thursday’s decline of -2.58%. Crude oil prices fell as reports circulated that an interim US-Iran peace agreement could be signed as early as this weekend, ending the military hostilities, reopening the Strait of Hormuz, and ending the US blockade on Iran and its oil exports. Negotiations would then begin on the more intractable issues, such as sanctions against Iran, the release of $24 billion of frozen Iranian assets, and the resolution of Iranian nuclear issues. However, Iran said its leaders still need to make a final decision on the proposed interim peace deal.

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