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Rich Asplund

Crude Oil Prices Fall on Hopes Peace Negotiations With Iran Will Materialize

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

June WTI crude oil (CLM26) on Friday closed down -1.45 (-1.51%), and June RBOB gasoline (RBM26) closed down -0.0065 (-0.19%).  Crude oil and gasoline prices gave up early gains on Friday and settled sharply lower after Pakistan said a second round of US-Iran peace talks is expected.  Losses in crude prices accelerated on Friday after CNN reported that President Trump will send two envoys to Pakistan this weekend for talks with Iran.

Optimism that the US and Iran are moving toward talks after days of deadlock is weighing on crude prices.  Bloomberg reported Friday that Iranian Foreign Minister Abbas Araghchi is expected to arrive in Pakistan on Friday night for a possible second round of peace talks between the US and Iran.  However, Iran said no talks are scheduled between US and Iranian officials.

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