May WTI crude oil (CLK26) today is down -3.26 (-3.53%), and May RBOB gasoline (RBK26) is down -0.1412 (-4.56%). Crude oil and gasoline prices are sharply lower today in hopes that US-Iran diplomacy can end the war in Iran. Also, the unexpected increase in weekly EIA crude inventories to a 1.75-year high is bearish for crude prices. However, crude recovered from its worst level after Iran dismissed the US peace plan in its current form.
Crude prices sank today after the US sent a 15-point peace proposal to Iran that covers a rollback of Iran’s nuclear program, including the resumption of monitoring by the International Atomic Energy Agency, limits on missiles, and access for shipping through the Strait of Hormuz. In return, Iran would get relief from economic sanctions.
